France: Omer-Decugis & Cie launches its initial public offering on the Euronext Growth® market

Omer-Decugis & Cie, the international specialist in fresh and exotic fruit and vegetables has announced the launch of its initial public offering (IPO) ahead of the listing of its shares on the Euronext Growth® market in Paris. 

On June 1st 2021, the Financial Market Authority approved the Prospectus under number 21-193, consisting of the Registration Document (approved on May 21st, 2021 under number I.21-022), an Operation Note and a summary of the Prospectus (included in the Operation Note). 

According to Vincent Omer-Decugis, president-CEO of Omer-Decugis & Cie, “it is with great enthusiasm and ambition that we are launching our initial public offering, a new historical step in the life of the Omer-Decugis group. 

On a promising market driven by new consumption trends in favor of a more diversified, healthy and responsible diet, we are successfully committed to a strong growth dynamic, with a doubling of our revenue over the past 6 years. We will further accelerate this trend thanks to the funds raised during the IPO, while remaining strongly committed to serving a sustainable agriculture, respectful of territories and people. 

Photo: Vincent Omer-Decugis 

The success of our group is based on the development of an expertise and know-how integrated to all stages of the value chain, from production in association with local producers, to distribution. Since 2020, we have the largest ripening station in France, a unique and modern tool that will accompany our growth in the coming years.

All lights are on to continue to gain market shares on all segments, expand our locations and to continue to federate a still fragmented and resilient sector. We want to associate you with this ambition in order to make Omer-Decugis & Cie one of the European leaders of the sector.”

Omer-Decugis & Cie, a family history in fruit and vegetables since 1850
Founded in 1850, Omer Decugis & Cie is an international family group specialized in fresh and mostly exotic fruit and vegetables. Having enjoyed uninterrupted growth for more than 10 years, Omer-Decugis & Cie regularly outperforms the fruit and vegetable market, which is steadily increasing in France (+5% in 2020[1]) thanks to the growing consumption of fruit and vegetables in France and in Europe. The group’s consolidated revenue indeed doubled between 2014 and 2020.

The group offers more than 1,000 references, most of which are marketed under its own brands known to its clients (Dibra, Selvatica, Terrasol, le Marché…) or under supermarket brands. In 2020, the group delivered more than 102,000 tons of fresh fruit and vegetables in France (76.5%) and in the rest of Europe[2] (23.5%).

The selection of Omer-Decugis & Cie covers 91% of the offer of exotic fruit and vegetables consumed in Europe. The group enjoys strong positions on the strategic “BAMA” (Banana, Pineapple, Mango and Avocado) segment:

- N°1 in Europe[3] for African mangoes and Ecuadorian pineapples

- N°3 in France[5] for bananas

[1] Source: Interfel volumes of fresh Fruit and Vegetables purchased in France

[2] depending on the final destination of the products

[3] Company Estimates in terms of processing capacity

The competitive advantage of a fully controlled value chain
Omer-Decugis & Cie controls the entire value chain thanks to its robust quality management and historical know-how in international planning and logistics management (Latin America and Africa). The group integrates import, ripening and packaging activities as well as BtoB distribution.

Omer-Decugis & Cie has acquired recognized expertise in the key business of ripening, which allows it to guarantee optimal ripeness and adaptation to the context of each market (large retailers, fresh cuts…). With the launch in September 2020 of its new platform of 12,000 m2 dedicated to ripening and packaging, the group now has the largest ripening site in France, which is the result of an investment of nearly 11 million euros [13.4 million USD].

Omer-Decugis & Cie has two complementary distribution branches present on all segments of the market. SIIM (International Import Company) operates from the headquarters in Rungis for the French clients and in Spain for the management of major European accounts, representing 72% of the group’s revenue. Bratigny, historical wholesaler and leader on the Rungis market, represents 28% of the revenue and addresses the specialized distribution circuits in Paris and Ile-de-France.

The group regularly expands its selection of references for each client, with strong development potential to support its organic growth in the coming years. This diversified position allows Omer-Decugis & Cie to capitalize on the progression of the market and to be slightly exposed to the economic ups and downs of each segment.

A mature CSR approach, at the heart of the group’s development model and judged “exemplary” by the extra-financial analysis
The company has been a committed player in the development of a diversified food offer of quality throughout the world while respecting the most demanding social and environmental norms. In April 2021, Omer-Decugis & Cie obtained an extra-financial rating of 81/100 for its CSR (Corporate Social Responsibility) approach, which corresponds to an “exemplary” performance level, attributed by EthiFinance.

Objectives 2025: doubling in size again with a consolidated revenue of 230 million euros [280 million USD] and a EBITDA margin higher than 5%
Over the 2019/2020 season, the company marketed over 100,000 tons of fresh fruit and vegetables. Its revenue reached 119.7 million euros [146 million USD], a +6/6% increase from 2019, showing the resilience of the group throughout the sanitary crisis.

The commercial momentum of the group accelerated during the first half of the 2020/21 season with a +11.3% growth, coupled with a strong improvement in profitability driven by productivity gains from new capacities and rigorous cost management.

With its know-how and new capacities, Omer-Decugis & Cie intends to reach a consolidated revenue of 175 million euros [213 million USD] in 2023 and to continue its development with a consolidated revenue of 230 million euros [280 million USD] and a EBITDA margin higher than 5% by 2025.

Euronext Growth® to support the offensive strategy and double in size again within 5 years
The IPO of Omer-Decugis & Cie aims at providing the group with the financial means necessary to support its growth ambitions for 2025.

The net proceeds of the offering for this operation (13.6 million euros [16.5 million USD], based on the median price of the indicative price range and in case of 100% completion of the offering excluding the exercise of the extension clause) will allow Omer-Decugis & Cie to pursue the following objectives:

- to increase the supply capacities (about 60% of the funds raised) through minority shareholdings and/or financial contributions from partner-producers. The objective is to bring to 50% the share of supplies coming from the partner-producers by 2025;
- to install a ripening platform at the MIN market of Châteaurenard (about 29% of the funds raised), with a ripening capacity of 40,000 tons/year in order to address the south of France;
- to increase the sales capacities at Rungis and set up operations in other regional MIN markets (about 11% of the funds raised) by acquiring existing commercial space or external growth of operations.

For more information:
www.omerdecugis-bourse.com 


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