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Generys Groupe #2

presented by October France



60 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 wishes to borrow 310 000 € over 60 months to improve its competitive advantage. The group wishes to invest in a crematorium and animal cemetery management software, recruit a communication officer, 2 cremation agents as well as an external growth operation.

As a reminder, the Lendix lending community accompanied Generys Group for 315 000 euros to finance part of the crematorium des bois rochefort project.

The amount offered on the platform is limited to 151900€, 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 and the arrival of the post-war generation (Baby-Boom) at a mature age. The forecast is based on the 2017 group activity and operating margin level adjusted of Crematorium des Bois Rochefort’s forecast

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,21 and a good financial structure, with a forecast net debt / ebitda ratio of 3,30 and a net debt / shareholder equity of 184%.

The analysis of the project leads to a credit rating of B and a 6% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base.
  • Good repayment ability with a forecasted FCCR of 1,21 reinforced by the support of shareholders.
  • 30-year public service decommissioning contract for the rochefort wood crematorium.

Point of vigilence:

  • Possible delay in the opening if construction phase longer than expected

*The multiple of FCCR at 1,21 means that the company has a safety margin of 21% 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 (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.