(News Bulletin 247) – The Competition Authority validated this Tuesday the purchase of this activity by Trigano without conditions. As a result, the transaction will be completed by the end of the calendar year, the two companies announced this afternoon.

An important uncertainty has just been erased for both Trigano and Beneteau. In May 2023 the two companies announced the planned sale of Bio Habitat, Bénéteau’s leisure accommodation activity (mobile homes), to the specialist in leisure vehicles (caravans, campers).

This was appreciated by the market both from the point of view of Trigano (the acquisition being beneficial in terms of profits, according to Berenberg) and that of Beneteau, which will be able to refocus on boating, its preferred market.

The transaction took time, however, due to approval from the Competition Authority which was slow in coming. In June Oddo BHF underlined an “uncertainty on the horizon of a final decision” before mentioning, this time in September, a decision “during the second half of the year”.

>> Access our exclusive graphic analyses, and gain insight into the Trading Portfolio

Sufficient competition

The Authority finally delivered its verdict this Tuesday afternoon, authorizing the operation “without conditions”.

The Authority questioned “many players in the sector”, it explains in a press release. “Some of them expressed concerns about the impact of the operation on competition in the French mobile home market, particularly given the significant market share of the Trigano group and the dense network in the territory national status of its production sites at the end of the operation”, she continued.

But “after having carried out a careful examination of the potential effects of the operation on the French mobile home market, the Authority noted that the Trigano group will face competition from three major players, two of which have recently invested in their production tool. “It considered that the competitive pressure exerted by these players, as well as the production capacities available on the market would defeat any strategy of the new entity which would consist of using its newly acquired position to sustainably increase its prices,” he said. -she concluded.

Around 900 employees

This allowed the two groups to each publish a press release this afternoon. Trigano announced that the operation should be finalized by the end of 2024. “It brings synergies particularly in purchasing, logistics and manufacturing methods and will allow Trigano to consolidate its leadership in the leisure vehicle industry in Europe”, argued the motorhome specialist.

For its part, Beneteau confirmed the timetable and notably argued that this sale will strengthen its financial resources and allow it to “accelerate the growth and move upmarket” of the nine brands in its “boat” division.

Bio Habitat employs 900 employees spread across seven production sites in France and Italy and achieved a turnover of 319.6 million euros in 2023. According to Trigano, this company is “profitable”.

On the Paris Stock Exchange, both shares were propelled by the announcement. While both stocks were trading a little in the red at the start of the afternoon, Trigano is now up 3.8% around 5:05 p.m. while Beneteau is up 7.4%, the two companies signing two of the four biggest increases in price. SBF 120 index.