Already popular in the United States since the 1990s, PSPCs are popular in European financial markets. Un Spac – ou « Special Purpose Acquisition Company » – is a company launched to raise funds and enter a stock exchange, with the plan to subsequently buy an unlisted company in a sector defined in advance. If, at the end of 2020, this type of investment vehicle had made people talk when Xavier Niel and Matthieu Pigasse created theirs, 2MX Organic, DEE Tech is in the news today.
The DEE Tech Spac, which raised 165 million euros in June to invest in a ” high-potential technology company “, Has set his sights on the delivery company Colis Privé, he announced on Wednesday. DEE Tech was launched in particular by Marc Ménasé, co-founder of the Web Nextedia agency, of the ready-to-wear group Meninvest liquidated in 2017 or even site d’e-commerce Epicery, Marc Menasé moved to the other side in 2018. He became an investor by founding Founders Future, a company that sits between the startup studio and the investment fund. In the Dee Tech adventure, we also find Michaël Benabou, co-founder and Partner of Veepee and Charles-Hubert de Chaudenay, Managing Director of Veepee, Tout ce beau mondé is supported by two institutional investors, the MACSF group, the leading insurer. healthcare professionals, and IDI, a specialized investment company.
Amazon failed takeover
Colis Privé, specializing in the delivery of parcels to individuals, achieved turnover of 234 million euros in 2020, up 46% over 2019, with current EBITDA of 21.5 million euros. It was delivering 270,000 packages per day on average in mid-2021. Colis Privé had a registration document approved by the Autorité des marchés financiers (AMF) in June in preparation for a traditional IPO. But he had announced a month later that he was pushing back his project, due to market conditions.
The group works in particular with 200 e-commerce players, including Amazon, Alibaba and Veepee. It has just launched subsidiaries in Belgium and Luxembourg, and is also approaching the Moroccan market via a license agreement. In 2016, Amazon had failed to buy this group “ for external reasons »At will, the specialized media then evoking the investigation of a file by the Competition Authority, seized in this case as in every major merger operation.
IPO in 2022
This time, an agreement was reached between DEE Tech and the e-commerce firm, allowing it to merge with Spac, and become, in the first quarter of 2022, a listed company, at the end of a journey that is less complicated for it than for a traditional IPO. According to the DEE Tech press release, the new company resulting from its merger with Colis Privé will have a ” pro-forma enterprise value of 566 million euros “. The current shareholders of Colis Privé (including Hopps Group, also owner of Adrexo) “ will become the majority shareholders Of the new company, alongside the shareholders of DEE Tech, and investors in the new fundraising of 50 to 80 million euros provided for in the operation.