Completion of the capital reorganisation of CID and LISI
Following the completion of the transactions announced on 23 February 2023, Peugeot Invest now owns a 14.4% stake in LISI share capital, and no longer holds any shares in Compagnie Industrielle de Delle ("CID"), LISI's controlling holding company.
By tendering all its shares to the public buyback offer, Peugeot Invest monetized two third of its direct stake for €48m of cash proceeds. This transaction generated a return of 6.9x and an IRR of 10% since 2002. The exchange offer for CID then enabled Peugeot Invest to convert its entire stake in CID into LISI shares and cash (an additional €10m received).
These joint operations simplified the shareholding structure of CID and LISI while giving its founding families (the Kohler and Viellard families) greater control over the group.
The new governance structure in place will enable Peugeot Invest to continue to actively participate in LISI's Board of Directors, in particular as a member of the CSR Committee.
Commenting on the transaction, Bertrand Finet, Managing Director of Peugeot Invest, said:
"We are very pleased to have contributed to the success of this major step for the LISI Group. For Peugeot Invest, it means the monetization of part of our investment in LISI under excellent conditions and it underlines our adaptability and responsiveness with regard to our long-term investments. We are confident in the strategy implemented by LISI's management team and will continue to play our role as a long-term minority shareholder of the company.”