Distribution: Teract rises on the first day of listing on the stock exchange
The company, born from the merger of InVivo (Jardiland, Gamm Vert) and Spac by the trio Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, aims to create a “Tesla of distribution”.
Successful mission for Teract, the company born from the merger of the agricultural cooperative InVivo and Spac by the trio Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, 2MX Organic. On the day of its IPO on Euronext Paris on Monday, the share price of this new distribution player rose by 42% to 10.60 euros and was valued at 778 million euros.
“This increase occurs under general negative market conditions with a strong downtrend, specific conditions of the Spacs market [special purpose acquisition company] under which many suffer and will not see the light of dayemphasizes the company. This achievement confirms the quality of the project set up by the founders and InVivo, even if many SPACS investors have disappointed“.
On March 31, 2MX Organic and the InVivo cooperative, a coalition of 188 French agricultural cooperatives that became the second largest agricultural group in Europe in 2021, announced their intention to join forces to “a new major disruptor in sales“. InVivo contributed its distribution arm to 2MX Organic in exchange for a majority stake in the capital. At the end of this transaction, Teract’s capital will be owned 75.89% by the InVivo cooperative, 6% by the Zouari family, 3.4% by Xavier Niel, 3.4% by Matthieu Pigasse and 1.63% by BPI France.
InVivo Retail is a major player in the garden center sector, which already has 1,600 points of sale in France, including just over 200 of its own. These are mainly the Gamm Vert, Jardiland and Delbard brands. Teract’s project consists of supporting more than a hundred of these outlets with a new food brand called “Grand Marché – Frais d’ici” which will offer almost exclusively fresh products. “It will draw on the strengths of the new entity, particularly the security of supply through the network of InVivo member cooperatives‘ explains the group. Teract initially has 100 million euros available for this development. The company may also borrow to fund new operations in the future. She is therefore preparing to purchase a network of bakeries.