TESSI acquired by DENTRESSANGLE

Pixel Holding, the industrial holding company owned by HLDI and HLD Europe, took Tessi off the Paris stock exchange in November 2021 through a squeeze-out offer, more than five years after acquiring control of the document and payment processing group from the Rebouah family. It crossed the 90% threshold on 1 and 3 June 2021 by buying blocks representing 15.1% of the capital from significant minority shareholders, at prices between 170 and 172 euros per share, taking its holding to 97.34% of the capital and 96.63% of the voting rights. Having met the conditions for a squeeze-out, it filed an offer with the French market regulator on 14 September through Société Générale, undertaking to acquire the remaining 60,694 shares, or 1.86% of the capital, at 168.60 euros each, the block price net of the 3.40 euro special dividend paid on 28 June. The offer ran from 28 October to 10 November 2021 and was followed immediately by the compulsory buy-out of the remaining shares. Pixel Holding gave as its reason the removal of the regulatory and administrative obligations attached to a listing, and the costs that go with them. The offer required no regulatory approval. Over the first half of 2021, Tessi generated revenue of 234.9 million euros, up 17.5%, with a current operating margin of 13% against 9.8% a year earlier.

In the past, the company underwent an LBO led by Dentressangle in 2016, and continued an active consolidation strategy by notably acquiring Adm Value (2019).