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Smilodon

presented by October France

€313,070

5.4%

60 months

A

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location

Location

Bordeaux,France

activity

Activity

Financial

Presentation of the company

Smilodon is the holding company set up in 2018 to acquire Eurodesign and Atelier dentaire active in medical-dental industry. The group, managed by Cedric Teyssier and Jean-Luc Calvo, has 30 employees and is based in Toulouse.

The 3 associates of Smilodon are Nicolas de Vries, Cedric Teyssier and Jean-Luc Calvo, specialized in dental protheses and business management.

Atelier Dentaire managed by Pascal Auge was created in 1982. This company has no Bankruptcy in his history.

Eurodesign managed by Didier Lavernhe was created in 2004. Eurodesign was bought in 2018 on the stand of the court for 1€ as a result of arguments between shareholders.

The court ruled for legal administration and acted for the continuation of the company.

The group’s main activity is :

  • Prosthesis manufacture
  • Medical and dental instruments manufacture.

The group works with a hundred of professional dentists in France.

Project Description

Pascal Auge wants to sell his prosthesis manufacture, Atelier Dentaire valued 700 000€, valuation based on standard of the market. Smilodon, an holding company, wishes to borrow 313 070€ over 60 months to finance the acquisition of the underlying business company. This project will be realised this quarter. The balance is completed by a bank loan of 300 000 € and a personal contribution.

The amount offered on the platform is limited to  153 400€, which is in line with the regulatory limits.

Like all projects presented to individual 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 a holding company dedicated for the acquisition whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on the previsional cumulated financial of the target companies.

With a turnover of 2 245 000 € in 2017 and an experienced team, the target company has a good track record combined with a two-digits operating margin.

Decrease of the rentability in 2016 linked to the increase in subcontracting. In 2017, the company has sold more high margin products. The forecast is based on 2019 assumptions of the group.

The group has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 2,01 and an good financial structure, with a forecast net debt / ebitda ratio of 1,5 and a net debt / shareholder equity of 48% including personal contribution of 100 000€.

The analysis of the project leads to a credit rating of A and a 5,40% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base.
  • Correct repayment ability with a forecasted FCCR of 2,01 reinforced by the support of the banking pool .
  • Good track record of the management.

Point of vigilence:

  • Business takeover risk

*The multiple of FCCR at 2,01 means that the company has a safety margin of 101% 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.

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20 % 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 (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.