The landing of Bain Capital and MV Credit in Pronovias is not being simple. After staying the company and passing creditors – when it was owned by BC Partners – to owners, the funds designed a new strategic plan to try to remedy the hole that was the business in its first exercise in front. The firm approved this month of March the accounts of exercise 2023, which resulted in some losses of 69 million and sales of 111 million euros. Therefore, he already approved measures in order to reverse the situation and its owners came out again in their support with another 30 million euros.
Company sources explain to electionomista.es which has been launched a new strategic plan 2025-2027 to “return to the path of profitability and face the future with a stable growth guideline.” The road has two legs: draft of spending and increased income. For the first, the group has already presented an employment regulation file (ERE) for 55 people and, he adds, which has “centralized and rationalized the central services at the headquarters of El Prat de Llobregat (Barcelona) to avoid duplication and simplify. The group has also undertaken a renegotiation with the suppliers and a” better management of stocks. ” Optimize costs.
In the income chapter, the firm explains that it is committed to growing in the United States “taking advantage of the increase in demand” and will explore opportunities in Asia by the hand of a new representation agreement with a partner that declines to reveal. The organization led by Marc Calabia adds that he has approached a reorganization of the brand catalog to segment them in prices and styles, from the entrance ranges, such as Ladybird, to more exclusive brands, such as Atelier. The firm also says that it will make a strong commitment to its street clothing line.
However, Pronovias owners had to go out in support of the group due to their financial situation. If they already injected more than 100 million euros at the time of their entrance, in 2023, between Bain and MV Credit contributed another 30 million between debt and capital during 2024.
It is not clear, meanwhile, the situation of its circulating lines. Although in its annual accounts it admits that the renovation of these programs is in negotiation -something that financial sources have corroborated -the company says that “currently” does not consider new financing for the circulating to questions of this medium.
The figures of the last year of Pronovias
The firm highlights the effort to move from its own funds of -103 million in 2022 to a positive heritage of 1 million. “The company has a solid financial position after having reduced its debt more than half for 2023,” he says. The year, however, resulted in losses of 69 million and a turnover that fell from the 150 million of 2022 to 111.8 million (the 12 months are not counted because the transaction closed at the end of the first quarter). The group still obtains 80 million of its sales from Europe. The remaining 30 million are divided between the rest of the geography.
Pronovias stands out in its financial statements that a good part of the red numbers are due to Fees extraordinary paid to your staff. In 2023 the firm approached a restructuring of its dome with the appointment of Marc Calabia as CEO, which relieved Amandine Ohayon. A new advice chaired by the Italian Gianni Serazzi was also formed. At the beginning of 2024 he announced the incorporation of Francesco Guidotti as financial director replacing Glenn Lawes.
#Pronovias #funds #inject #million #launch #strategic #plan #losing #million
