A new French retailer - Companies

A new French retailer – Companies

The “2MX Organic” SPAC of the Niel-Pigasse-Zouari trio has entered into a partnership with InVivo to take over its “retail” branch and create a new brand: Le Grand Marché-Frais d’ici.

As we remember, at the end of 2020, Xavier Niel (Free), Matthieu Pigasse (formerly of the Lazard bank) and Moez-Alexandre Zouari, the reference shareholder of Picard, had created their Spac (company specific-purpose acquisition). Called 2MX Organic, it aimed to create an innovative retail group based on local and sustainability…

As we remember, at the end of 2020, Xavier Niel (Free), Matthieu Pigasse (formerly of the Lazard bank) and Moez-Alexandre Zouari, the reference shareholder of Picard, had created their Spac (company specific-purpose acquisition). Called 2MX Organic, it aimed to create an innovative retail group based on local and sustainability. Things took longer than expected. After having eyed the Cora-Truffaut part of the Louis Delhaize group for a while and considering taking over Grand Frais from the Ardian fund, the trio, after a year of discussions, finally reached an agreement with InVivo. InVivo is the largest French agricultural cooperative union, with 192 members and 10 billion euros in turnover. It is organized into several poles. The retail part (1,600 stores!) accounts for 10% of turnover and focuses on garden centers and pet stores with brands such as Delbard or Jardiland (also present in Belgium). It is this retail division that 2MX Organic will take over. SPAC will buy back all the shares for 675 million euros before issuing new shares and entrusting a large majority of 2MX Organic (60%) to InVivo. The new group intends to launch a new supermarket chain called Le Grand Marché-Frais d’ici. It will be specialized in fresh and local products: fruits, vegetables, cheeses, bakery, butcher and charcuterie products. Either a frontal competitor to Grand Frais, one of the greatest economic successes of French mass distribution. With the 300 million euros remaining in the SPAC, the partners intend to open 150 small shopping centers within three years by attaching a Grand Marché to one of InVivo’s existing garden centres.

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