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Halles Mandar

presented by October France



60 months


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Rungis, France




Presentation of the company

Founded in 1977, Halles Mandar is the historical company of the Mandar group and specialises in the sale of fruit, vegetables, condiments and aromatic herbs. The group, managed by the ABRAMCZYK brothers, employs 340 people and is based in Paris. Over the last forty years, the group has grown and become a major player on its market.

The group has:

– More than 600 product references available all year round and has partnerships with 400 herbal producers around the world. The group also owns its own greenhouses for the production of aromatic herbs.

– The products are distributed in France and internationally.

– The group markets in the form of trays, pots or in bulk and boots through 4 brands: Cueillettes & Cuisines, In Fruit, M’ Les fruits and Les Jardins du Midi.

The company works with numerous actors of the Large Distribution and CASH&CARRY, companies of strong notoriety of the E-commerce as well as gastronomic restaurants in France and with the export of which some are starred.

In 2011, the group acquired at the helm of the court, 100% shares of Jardins du midi specializing in the sale of condiments, garlic, onions, stiles for the same customers as Halles Mandar. Since 2012, Jardins du Midi has been following the continuation plan ending in 2020.

Thanks to its experience, the group offers quality products and provides numerous services to its customers in terms of logistics, delivery, orders and packaging.

The Group has owned its premises at Rungis M.I.N since 2003.

Project Description

To support the growth of the group, the historical company Halles Mandar wishes to borrow 1557000 € over 60 months, to finance before the summer 2018, the development:

– their offers and logistics, particularly in e-commerce,

– production tools and the hiring of the necessary manpower for the proper functioning of the greenhouses.

This is a flexible bridge loan, offering the borrower the possibility to prepay without fees beyond the first 9 months.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

The borrower is the group’s historical company, Halles Mandar, specialised in the sale of fruit and vegetables and aromatic herbs. The financial analysis was performed on the consolidated financial statements, which reflect the Group’s performance.

With a turnover of 83 863 000 € in 2016 and an experienced team, the group has a good performance record in terms of activity combined with an acceptable operating profitability.

The growth in turnover is linked to the referencing of new customers. In 2017, the group’s turnover, currently being validated by the statutory auditor, is €88 million and is expected to reach €90 million in 2018.

The forecast has been prepared on the basis of the performance forecast for 2018.

The group has an excellent repayment capacity with a Fixed Charge Cover Ratio* (FCCR) forecast at 2.02 and a good financial structure with a forecast net debt/EBITDA ratio of 3.8 and net debt/equity of 154.0%.

taking into account the valuation of the properties held by the group.

The analysis of the project and the group leads to an A rating with a good financial solidity and a rate of 4.00% per year.

Highlights :

Good performance history of the group, a key player and renowned among the big names in distribution and gastronomy

Mandar’s commitment to strict respect for the quality of its products and food safety is recognised, in particular by obtaining various certifications

Excellent repayment capacity with a CCRF of 2.02

Vigilance Point :

Competitive business sector with low margins.

The multiple of CCRF at 2.02 means that the company has a margin of safety of 102% 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.