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France – Casigrangi completes purchase of 75 per cent of SFC

By - 7 January 2021

Groupe Philippe Ginestet subsidiary Casigrangi has completed the purchase of 75.07 per cent of Société Française de Casinos (SFC), the owner of casinos in Gruissan, Châtel-Guyon, Port la Nouvelle and Collioure.

The SFC “informed its shareholders that the Ministry of the Interior had approved the Casigrangi acquisition project on November 4, 2020 and that this condition precedent has been lifted and that some usual conditions precedent, of a technical nature, remained to be lifted in order to finalise the acquisition transaction planned by Casigrangi.’

Casigrangi has bought ‘all of the shares in SFC held by Foch Investissements, Verneuil Finance and Framéliris.’ The Board of Directors of SFC believes the deal will ‘accelerate the development of the group.’ Immediately after the completion of this transaction, the set-up of SFC’s Board of Directors was changed to reflect its new shareholder structure. The Board of Directors is now made up of Dominique Gortari, Chairman and Chief Executive Officer and has Board members, Isabelle Bellino, Agnès Courtade, Julie Humbert and Alban Duchène.

The group recorded turnover of €7.4m, which was only really achieved between November 1, 2019 and March 14, 2020 (equating to 4.5 months instead of six months) due ot the closures caused by the coronavirus pandemic. The casinos reopened only on June 2, 2020.
Half-year EBITDA stood at €1m, very close to that of the first half of 2018 to 2019 on a like-for-like basis.

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