Porcher Industries ready to sell to Warwick Capital

London Warwick Capital Partners fund would rely on U.S. bank Wells Fargo , to mount a recovery as LMBO involving the CEO of Porcher Industries and several leaders of the overseas subsidiary.

The sale of Porcher Industries to the end ?. The shareholders of the Technical Textiles and Composites manufacturer, were convened on May 15 at the headquarters of Badinières in Isère , Bruno Sapin, the legal representative .

It has been designated to carry out the liquidation of the legal two family antagonists holdings ( Terres froides et Saumuroise de participations ), following the judgment of the Court of Cassation delivered its dissolution in late 2012. Both entities control hold 70 % of the capital , alongside three minority participations.

To proceed with the sale of the company (1990 employees including 680 in France and 263 million in 2013 sales revenue) , the administrator relied on Rothschild.

Two funds were still in contention in the final straight. The favor was given to Warwick Capital Partners based in London, and unknown in France , while Sun Capital has seen its declined as we announced , on April 15 last offer. According to our information , to win, the selected candidate outbid by 40%, approximately , but is now seeking to renegotiate the price , moreover moderate , say several sources.

An LMBO

Maurad Rabhi general secretary textile, clothing and leather for the CGT, the majority trade union in the company rejects the appointment : "This is the worst scenario because it uses debt . It will be devastating for employment and plant at least,  the Tour du Pin is threatened or two , " he storm by describing the current mount . " Warwick is based on the American Financial Group , Wells Fargo ( 4th bank in the United States in terms of assets ) to build an LMBO (Leverage management buy out) with Henry Brush , CEO and several leaders of BGF Industries ", the overseas subsidiary of Porcher Industries located in North Carolina.

The union appealed to the State, public authorities, the Regional Council of Rhône-Alpes to press Bruno Sapin. "We need the Commercial Court to suspend the sale process and ordered a moratorium. The company is not in financial difficulties , "said Maurad Rabhi .

Find an industrial buyer was the preferred scenario but none could make an acceptable offer despite the wide exploration by Rothschild. "We still tried to a European player there not long ago. Porcher group is beautiful but difficult to grasp : it operates on three continents and operates in many businesses , "says a close case to Actors economy.

Philip Porcher the son of the founder believes in Other solutions

Maurad Rabhi says : "We must recreate the conditions that the buyer is an industrial and placed at the head of the company a true industry leader ." A role played by Robert Porcher , who died in 2011 aged 83 , who had known and appreciated for its employees. However, it failed to resolve deep divisions between family members.

His son Philip Porcher , now away from all operational responsibilities still trying to stop the sale by multiplying actions. "Shareholders are entangled in their quarrels and management is left to itself. The situation can not continue if we are heading for disaster . In the state that put money because you have to invest ? "Worries a speaker who is following the case closely. The coming weeks will be decisive ....