Selecta Group B.V. has made the news twice this week: The company announced both the appointment of Philippe Gautier as Chief Financial Officer (CFO) of the Group and that a comprehensive re-capitalisation of the Group, first announced on 8 September 2020,has been successfully completed.
Philippe succeeds Andreas Schneiter, who joined the Group in January 2020 as interim CFO and will step down from his role at the end of October.
Philippe has significant operational and corporate finance expertise. He is an experienced senior finance executive with broad management experience working across consumer brands. He joins the Group from SMCP, previously a KKR portfolio company and parent company of Parisian fashion labels Sandro, Maje, Claudie Pierlot and De Fursac, where he was Group CFO and Operations Director, based in Paris. Prior to this he served as CFO and COO within the Kering Group for global brands Sergio Rossi and Puma in North America.
Joe Plumeri, Executive Chairman of Selecta Group, said: “We are delighted to welcome Philippe to Selecta as our Chief Financial Officer. Philippe is a highly experienced operator with a unique understanding of consumer brands. He joins Selecta at a pivotal time for the Group as we finalise a comprehensive recapitalisation transaction to strengthen our balance sheet with the support of our investors. Building on the strong foundations we have in place as a business, Phillipe’s wealth of experience will help drive our long-term growth.”
“I would also like to take this opportunity to thank Andreas for his contribution over the last 10 months on behalf of the Selecta team. Andreas has been a key member during this eventful period, most notably in the balance sheet restructuring project, the re-alignment of the Finance function and managing some of the financial impacts of COVID-19. It has been great to have him on the team and we wish him all the best for his future.”
Christan Schmitz, CEO of Selecta Group, commented: “Philippe brings a deep knowledge of omni-channel retail and a proven track record of delivering strong financial performance, realising growth opportunities and improving financial KPIs. I am looking forward to working closely with him to deliver our strategy and drive the transformation of the Group.”
The successful recapitalisation, which was finalised on 29 October, demonstrates the conviction of the Group’s shareholders, lenders under its revolving credit facility and holders of the Notes in the Company and management team.
Selecta now has the financial strength and flexibility to not only forge a path through the current challenging environment but also to drive future growth, capitalise on new opportunities and come out the other side of the Covid-19 crisis stronger and better. In summary the Transaction:
- (i) provides €175 million of new money from the shareholders by way of a cash funding of €125 million and the settlement of €50 million outstanding under a super senior liquidity provided in March 2020;
- (ii) relieves material cash interest;
- (iii) extends debt maturities through 2026;
- (iv) significantly deleverages the balance sheet at the level of the operating business; and
- (v) demonstrates broad support from all key stakeholders and commitment to Selecta’s future
As a result, the Group will benefit from increased operating flexibility, is in a strong position to execute on the strategic business plan and to work with its clients and its business partners to deliver an industry-leading consumer experience and service.
Joe Plumeri said: “The completion of the recapitalisation is transformational for Selecta. An improved capital structure and significant additional liquidity provides a strengthened platform to weather the ongoing impact from Covid-19 and to fuel future growth.’
Christan Schmitz commented: “With our renewed financial strength, we have the opportunity to transform our business through our ‘One Selecta’ strategy. By leveraging our market leading position, unique business proposition and strong market fundamentals, Selecta is well positioned for profitable long-term growth.”
More Selecta news on Planet Vending, HERE