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A French commercial court chose Nowy Styl Group’s offer to become an investor in Majencia, a company in bankruptcy. We will take over plants in Noyon and Bressuire, and hire most of Majencia’s staff. Setting up of a new company is expected to help heal the French company and restore it to a leadership position on the French office furniture market.
“Majencia struggled with financial problems for several years, and over the recent months a liquidator was looking for an investor that would not only recapitalise the company, but also propose a plan for its effective growth. It was not easy to win, as we competed against a French company Mobidecor,” says Rafał Chwast, Vice-President and Finance Director for the Nowy Styl Group.
“We are confident that a capital injection into Majencia’s business, our company’s global scale of operations and our experience in the integration and optimization of business processes will help restore Majencia’s strength. We have been present in France for nearly 20 years, but by taking over Majencia we are going to take number one position in a country which is a major European market, next to Germany” said Adam Krzanowski, the President of the Nowy Styl Group.
As stated in our offer, we are taking over the assets of the French manufacturer and forming a new operator called Nowy Styl - Majencia, for which we are providing financing that will allow Majencia to return to the position of a market leader.
Nowy Styl – Majencia will hire 266 employees from the French company’s former personnel. The new company will also continue to deliver Majencia’s long-term contracts for its key customers in the public and private sectors, including SNCF, EDF, Orange, UGAP, GRDF, French post and a government employment agency Pôle Emploi.
As we carried out due diligence of the company at the tendering stage, we identified areas that we can significantly improve, given the scale of operations and expertise of our company. What I mean here is Nowy Styl Group’s wide and dynamically expanded range of products, which can be an attractive complement to Majencia's range.” says Roman Przybylski, Member of the Board and Sales Director for the Nowy Styl Group.
The development plan for Majencia also includes improving the efficiency of logistics, organisation of production and implementation processes for new products. Many components which were so far purchased from external suppliers will now be sourced by Nowy Styl – Majencia from its own plants, mainly in Poland, at lower prices.
"We are very happy that the Court made the decision to select Nowy Styl Group to take over Majencia. Being part of the most solid and successful European leader is a chance for Nowy Styl - Majencia to become a leader in France after successful recovery from Majencia’s situation, which unfortunately deteriorated rapidly in the past months. Our priority now is to be back on the market and convince our customers to renew their confidence in us, " comments Vincent Gruau, Majencia’s owner and President who is going to remain in the structures of the new company.