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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 sells Swiss business

Thursday 7 May 2009

Samas NV (Samas) today announced that it has sold its Swiss (SITAG) businesses to Dutch private equity firm Nimbus. The cash consideration for 100% of the shares in SITAG amounts to approximately EUR 9 million. The intention to divest SITAG was announced in 2008, following a study of strategic options and is necessary to further reduce group borrowings.

In addition, taking into account current trading conditions, the continued uncertain outlook and its tight financial household, Samas is actively pursuing further strategic alternatives regarding its remaining activities in Germany, Central & Eastern Europe and the Benelux. This process is executed in close consultation with Samas’ lending banks and with current bank financing arrangements under review.
The disposal of the Swiss (SITAG) business follows an earlier announcement made by Samas regarding the outcome of its study of strategic options in March 2008. The transaction includes the transfer of all assets of the Swiss business for a cash consideration of EUR 9 million which was paid today. The price is substantially lower than previously anticipated, but is considered a fair price taking into account the deteriorated economic climate and low interest for businesses in the office furniture market. The transaction results in a book loss of approximately EUR 10 million.

In the financial year 2008/2009 pro-forma sales of the Swiss business amounted to EUR 25.9 million. The disposal involves a transfer of approximately 140 FTE.

The agreement reached with Nimbus includes arrangements which facilitate future intensive cooperation between SITAG and Samas operations in Germany, Central & Eastern Europe and the Benelux.

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