Hiolle Industries : SORGEM Evaluation acted as independent expert in relation to the simplified public tender offer followed by a squeeze out (OPAS-RO)

Hiolle Industries is an industrial group historically headquarted in the North of France providing services to industrial groups. Maintenance is its core business but the group has also developed many other services.

Today, Hiolle Industries main busines lines are metal construction, industrial electrical, automatism, mechanical and machining precision, metallurgical control and thermal coating, plumbing and hydraulic, and the group offers services from engineering to complex industrial facilities commissioning.

In 2021, the group reported over 800 staff and a turnover of € 89m.

Hiolle Industries’ activities are split between two divisions : “Railway” and “Environmental and Services”

Hiolle Développement, the main financial vehicle of the group, has filed on 4 May 2022, through Crédit Lyonnais, a draft for a simplified public tender offer, followed, should the necessary conditions be fulfilled, by a squeeze out (on 28 June 2022, the Hiolle family group has declared to the French Market Authority – AMF – that it has crossed the threshold of 90% of voting rights and, on 1 July 2022, the threshold of 90% of the total equity of Hiolle Industries).

The price offered, of € 4.70, corresponds to a premium of approx. 30% compared to the last quoted price as of 3 May 2022.

SORGEM Evaluation acted as the independent expert on the transaction, to determine whether the financial conditions of the offer were fair for all shareholders of the company. To do so, we have analyzed the historical and forecast performance of the company and its industry. Our opinion on the fair value was notably based on our valuation work relying on the discounted cash flows method (DCF), the comparable companies method and our analysis of the stock price.