This majority shareholding fuels the dual objective of strengthening Somfy's positioning in the services segment and supporting Repar'stores in its European development.
The acquisition of Repar'stores is part of the 10-year strategic plan, Ambition 2030, initiated by Somfy at the start of the 2020 financial year: consolidate its status as a trusted partner for the automation of openings and closings home and building while acquiring the means to capture new market opportunities in the services segment and strengthen its commitment to end users.
Founded in 2009, Repar'stores quickly established itself as the leader of the French market for the repair and modernization of roller shutters, recording strong growth in its activity for several years. For the fiscal year ended June 30, 2020, the company's turnover stood at € 28,5 million, up + 21,7% on average over the last two fiscal years. It employs more than 100 people and has around 190 franchisees. Building on this dynamic, Repar'stores wishes to take advantage of this favorable context to position itself as a leading network in Europe.
Support Repar'stores in its European development
The roller shutter repair and modernization segment is a niche with great potential due to the size of the installed base (more than 65 million roller shutters estimated in France, nearly half of which are not motorized) and its continued growth (driven by renovation and new construction). On average, a roller shutter undergoes 1 to 2 repairs during its lifetime, a trend reinforced by the rise in expectations in terms of sustainable development, encouraging users to favor repairs when possible.
To address this growing market, Repar'stores will be able to rely on Somfy's strong international presence and its network of European subsidiaries.
The Repar'stores management team will remain operationally autonomous while benefiting from the support of Somfy teams, in order to best support its expansion strategy.
An operation that creates value
Subject to the fulfillment of the usual conditions precedent, this equity investment should be effective at the beginning of January 2021. From this date, Repar'stores will be fully consolidated in Somfy's accounts. The agreement is accompanied by additional promises allowing the acquisition of the remaining balance of Repar'stores shares due in 2026.
“As Repar'stores is about to take a new step in its development, we are enthusiastic about joining the Somfy Group with whom we have built a long-standing relationship of trust and share the same values of family businesses. Its international footprint will allow us to take a new step in the development of our network in other European countries. " comments Roger Varobieff, Managing Director of Repar'stores.
“We are delighted to be closer to the Repar'stores teams with whom we share the common vision of a more sustainable development model. Beyond the operational synergies that this alliance will bring us, this merger allows us to strengthen our commitment to sustainable development - supported by our Act for Green program - by investing in the repairability and durability of roller shutters. " concludes Jean Guillaume Despature, Chairman of the Management Board of Somfy.