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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Samas divests French operations

Wednesday 1 October 2008

Samas NV (Samas) has reached agreement with local management on a management buy out (MBO) of its French operations. The transaction will considerably improve Samas’ financial position. Furthermore, the transaction is in line with Samas’ objective to simplify its business model and focus on those regions in Europe which offer Samas the best earnings recovery potential.
The French operations represent approximately a quarter of group sales and include the brands Roneo and Sansen. The transaction relates to 90% of the shares and involves the transfer of all assets, external debt and other liabilities of the French business. As a consequence Samas’ debt will decrease and the solvency ratio will rise above 35%.

Coen van der Bijl, chairman of the Executive Board and CEO of Samas:
“The divestment of our French operations is an important step in creating a new compact Samas which is required for a better future. It will also considerably improve our debt position and will bring our solvency to a level of more than 35%. This spin-off is consistent with our strategy aimed at reducing complexities and simplifying the business model. Management attention can now be focused on those regions in Europe which offer Samas the best potential for improvements. In the Benelux and Germany we already have leading market positions and the right scale to benefit from new opportunities. In Central and Eastern Europe we see considerable growth potential. We can now allocate free cash flow and management attention more effectively across these key
regions.”

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