TESMEC GROUP STRENGTHENS ITS PRESENCE IN FRANCE TO DEVELOP ITS BUSINESS AND FINALISES A STRATEGIC JOINT VENTURE FOR ITS RENTAL BUSINESS

Tesmec S.p.A. announces the development of a series of strategic initiatives in France with the aim to further strengthen the Group competitive position and exploit synergies among the different divisions for the further development of the local market.

Tesmec reorganised its French subsidiary Groupe Marais to focus its activities on the rental of its fleet of machines, in the area of mechanized cable-laying services, while the Trenchers production and sales activity was spun off into a new company, Tesmec France, wholly owned by Tesmec.

To reinforce Groupe Marais' industrial project, Tesmec, through this subsidiary, signed a strategic agreement with OT Engineering, a French company of the Comergy group, specialised in digital network engineering and a trusted partner of the main contractors active in France. The agreement provides for OT Engineering to subscribe a reserved capital increase in Groupe Marais, divided into two phases: the first sees OT Engineering's entry into the share capital of Groupe Marais with a 20% stake; the second phase OT Engineering, following the payment of 7.3 million euros, coming to hold 50% of the share capital of Groupe Marais. The final realization of the agreement is expected by March 2025, subject to the fulfilment of the conditions’ precedents. The CEO of OT Engineering also assumes, as of now, the position of operational chairman of Groupe Marais.

This agreement is of strategic importance in the development of Groupe Marais, generating numerous synergies. In fact, thanks to the new set-up, Groupe Marais will integrate OT Engineering's Greenpose range, a global and innovative solution for the installation of fibre optics and will focus on expanding its rental business into new sectors such as large works and pipelines. In addition, the injection of new capital will better support the investments required for the further development of the innovative French market. Finally, the commercial synergies generated by the agreement will enable Groupe Marais to strengthen its presence in European markets and to expand its activities in the US Energy sector.
As part of such reorganisation of Groupe Marais, Tesmec has therefore spun off the production and sales activities of Trenchers and the foreign participations supporting this activity into a new company, Tesmec France, within the same perimeter of control.

Tesmec France's mission is to continue the commercialization of Trenchers and the industrialisation of a range of specific accessories for the local market, as well as to provide a strategic platform for the growth and development of French activities in the Railway and Energy sectors, guaranteeing significant local added value. In particular, Tesmec France will develop a specialised service centre to support the Railway business, aimed at meeting local needs for railway infrastructure maintenance solutions. At the same time, it will exploit the synergies between the Trencher and Stringing divisions and will be the basis for promoting the commercial development of the Energy-Automation division's smart grid solutions.

The President and CEO of Tesmec S.p.A, Ambrogio Caccia Dominioni commented:

“By investing on a strong local presence in France, Tesmec is positioning itself as a reliable partner for the country's customers in all its sectors. We are confident that this strategic direction will allow us to fully exploit the potential of this market, which presents significant growth opportunities offered by the energy transition. The partnership with OT Engineering also represents a unique opportunity to expand our offer and to consolidate Groupe Marais' leadership position in the rental sector: by integrating our different skills, we are now able to develop even more innovative solutions and to respond to the needs of an evolving market. I therefore welcome Philippe Todesco as the new President of Groupe Marais, confident of his significant contribution for a future of further development.’’