Groupe Philippe Ginestet subordinate completes SFC acquisition

In France and the Casigrangi subsidiary of local conglomerate Groupe Philippe Ginestet has reportedly completed its purchase of a 75.07% stake in local casino operator Societe Francaise de Casinos (SFC).

According to a Thursday report from G3Newswire, the deal was approved by the French Ministry of the Interior in November after the Paris Commercial Court dismissed an appeal from Belgian rival Ardent Group. The source furthermore detailed that the arrangement has subsequently seen Casigrangi take over the shareholding in SFC previously controlled by private investors Frameliris, Foch Investissements and Verneuil Finance in hopes of being able to help the operator further accelerate its development across France.

Revised management:

Narbonne-headquartered SFC is reportedly responsible for four small casinos situated in the southern French communities of Port la Nouvelle, Collioure, Chatel-Guyon and Gruissan. The operator is now purportedly due to be led by a new board of directors encompassing figures representing its new majority shareholder including Alban Duchene, Julie Humbert, Agnes Courtade and Isabelle Bellino with Casigrangi boss Dominique Gortari now serving as its Chairman and Chief Executive Officer.

Firm financials:

SFC reportedly saw its turnover for the first six months of 2020 hit €7.4 million ($9 million) despite having to close every one of its venues for almost a three-month period from March 14 owing to the coronavirus pandemic. Even with this considerable disruption, the operator purportedly recorded half-year earnings before interest, tax, depreciation and amortization that were almost static when compared with the same six-month period in 2019 and 2018 at approximately €1 million ($1.2 million).