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48 months


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Villepinte, France



Personal services

Presentation of the company

Generys Groupe is the holding company set up in 2008 active in the cremation and funeral services for humans and domestic animals. Group is managed by Nicolas Goossens, has 22 employees and is based in Villepinte.

The group companies are:

  • Since 1975, the company Soissons is a funeral homes with 3 points of sale of the Roc Eclerc network on Villepinte, Tremblay in France and Villeparisis. The company has an exclusive contract with the ROC franchise network for another 5 years.
  • Since 1998, the company SIAF manages the Guyancourt Crématorium and Villepinte cemetery for animal funeral services
  • Crematorium des bois Rochefort (CBR) in the Val d’Oise, is in the process of opening, following the award of the public service delegation (DSP) in 2016

The company works with the families of the deceased.

Project Description

The company requests a loan of 130 000 € over 48 months to finance the external growth. Generys Group is acquiring 10% of a newly created company that will exploit a new crematorium in Maubeuge. This project will be realised this quarter.

As a reminder, the October lending community supported Generys Group in august 2018 with 315k€ to finance part of the acquisition of the Bois de rochefort crematorium and in September 2018 with 310k€ to finance material and immaterial development.

The amount offered on the platform is limited to 63 700€, which is in line with the regulatory limits.

Analyst’s Opinion

The borrower is a holding company whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on consolidated financial statements, which reflect the group’s performance.

With a turnover of 2 307 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Increase of turnover and operating margin driven by the increase in the cremation rate in recent years.

The forecast is based on the 2017 group activity and operating margin level adjusted of Crematorium des Bois Rochefort’s forecast. Figures of 2018 are in line with the 2017 consolidated financial statements.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,13 and a good financial structure, with a forecast net debt / ebitda ratio of 3,33 and a net debt / shareholder equity of 182%.

The analysis of the project leads to a credit rating of B and a 5,80% annual interest rate.

*The multiple of FCCR at 1,13 means that the company has a safety margin of 13% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base.
  • Correct repayment ability with a forecasted FCCR of 1,13.
  • 30-year public service decommissioning contract for the crematoriumdes bois de rochefort

Points of caution:

  • Possible delays linked to the opening of a new crematorium