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    CPI acquisition and debt restructuring


    The CPI group announced today its acquisition by the Impala group (“Impala”) in combination with Bpifrance.


    This transaction will be accompanied by a restructuring of CPI’s financial debt, reducing the company’s indebtedness to € 15 million and therefore diminishing the financial cost of the debt borne by the company. This reduction will also strengthen CPI’s ability to make investments to better adapt to changes in its market and maintain its leadership position in Europe.


    The new shareholders, including Impala, Bpifrance, and the company’s management are investing €21 million in equity and quasi-equity to support CPI’s development. At the end of this transaction, Impala will become the majority shareholder of CPI (in the amount of 52%) alongside Bpifrance (24%) and a group of private investors including the company’s management (24%).


    In the words of Impala’s Chairman, Jacques Veyrat: “We intend to show, along with the company’s management, that it is possible to pursue an ambitious, value-creating strategy in a declining and evolving sector.”


    Bertrand Finet, Executive Director of Bpifrance Investissement, went on to say: “Bpifrance’s participation in this transaction is intended to enable CPI to carry out the investments it needs to modify its business model, maintain the integrity of the company and increase its financial strength.”


    Pierre-François Catté, Chairman of the CPI group, welcomed this change which will make it possible for the group to continue its strategy of adapting to a market undergoing rapid changes in terms of volume and technology: “Our shareholder lenders did much to assist the company in the years following the 2009 restructuring. By now focusing on their role as creditors in an arrangement adapted to the group’s market environment, they continue to support the company in a responsible manner.”


    This transaction will be completed in the next few weeks and is subject to the customary conditions precedent for this type of transaction.




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