Huissen, the Netherlands. Compact Bidco B.V. (the “Issuer” and together with its subsidiaries, the “Consolis Group”) announces that it has completed the previously announced sale of its Civil Works France business to EIM Capital on January 31, 2022, through the disposal of Bonna Sabla S.A., an indirect subsidiary of the Issuer, and its subsidiaries MPB SAS, S.E.N. SAS and Aesis S.A.R.L. The Civil Works France business of the Consolis Group consisted mainly of (i) precast concrete drainage products, funeral elements and urban planning business and (ii) precast concrete tunnel elements manufacturing business.
As previously communicated, the Consolis Group intended to use an estimated €45.0 million of cash in order for its Civil Works France business to be self-sufficient between the issue date of the Issuer’s senior secured notes (the “Notes”) and the completion date of the disposal, subject to various factors such as the actual date of the disposal. Even though the completion of the disposal was originally estimated to occur by the end of 2021 and took slightly longer, the amount of cash used in connection with the disposal is expected to be in line with the previously communicated €45.00 million (which will be funded, in part, by the proceeds of certain real estate disposals for an amount slightly above €20 million for which promise to buy and sell arrangements have been executed).
