Teract lists today after a definitive agreement is reached for a business combination between the SPAC 2MX Organic and InVivo Retail
Teract carried out a reserved capital increase which was subscribed by Bpifrance for €12 million
The listing of Teract is the 6th business combination with a SPAC on Euronext markets in 2022, and the 2nd business combination with a SPAC on Euronext Paris in 2022
Paris – 1 August 2022 – Euronext today congratulates Teract, previously 2MX Organic, a European leader in sustainable, alternative and responsible retail, on its listing on the Professional Compartment of Euronext’s regulated market in Paris (ticker code: TRACT). The listing of Teract is the result of the successful combination of InVivo Retail, a retailing hub subsidiary of the Group InVivo that specialises in gardening, pet stores, and food distribution, with 2MX Organic, a Special Purpose Acquisition Company (SPAC), dedicated to the production and the distribution of sustainable consumer goods, which listed on Euronext Paris on 9 December 2020. The market capitalisation of Teract during its first day of trading was more than €547 million.
The cornerstone of Teract, InVivo Retail is a French leader in gardening, pet supplies and animal feed. InVivo Retail has developed a unique specialised retail network in France comprising 1,597 stores, of which 213 are directly owned by the company. These include the gardening brands Gamm Vert, Jardiland, Delbard and Jardineries du Terroir, the food distribution brands Frais d’Ici and Bio&Co, and the pet store brand Noa. Teract’s strategy is to develop existing retail premises, reinforce its relationship with its network of franchises, and develop its omni-channel offering through even more powerful e-commerce platforms. Teract’s ambition is to create a unique platform of brands based on a personalised and local distribution model, highlighting the quality of local expertise, organic production and short distribution circuits.
The shareholders of Teract are now composed of InVivo, the main shareholder of Teract and one of Europe’s leading agricultural and agribusiness groups, the founders of 2MX Organic, the founders of Bpifrance, and a number of leading institutional investors.
Thierry Blandinières, President of Teract and Managing Director of the InVivo Group: “This merger provides InVivo Retail with the means to accelerate its development and its transformation, and to rapidly become the specialised and responsible distributor that is closest to the expectations of French consumers. With this project, we remain faithful to our DNA and we accelerate the development of our virtuous short-circuit economic model. Teract is a platform that has great ambitions to grow in an evolving food market. The listing of Teract will give us the necessary funding to implement our ambitious strategy.”
Moez-Alexandre Zouari, Director-General of Teract: “With Teract, we have the ambition to reinvent the retail world and to make emerge a new responsible trade model by bringing together the specialised trade and the agribusiness sector. We want to thank the investors for their trust, particularly the ones who have joined us recently. Investing in a retail market that is in ongoing reinvention, and offering differentiating alternatives to consumers seeking to give meaning to their purchases, this is our project with Teract.”
Guillaume Darrasse, President of InVivo Retail, commented: “The listing on Euronext Paris of Teract through our merger with 2MX Organic allows the full development of responsible and sustainable distribution and consumption for both investors and citizens who are committed to choices of green, local, and short-circuit consumption.”
Caption: Thierry Blandinières, President of Teract and Managing Director of the InVivo Group, Moez-Alexandre Zouari, Director-General of Teract, and Guillaume Darrasse, President of InVivo Retail, rang the bell this morning, in the presence of Delphine d’Amarzit, CEO of Euronext Paris, to celebrate the listing of the company through its business combination with the 2MX Organic SMAC.
Teract is a major actor in responsible distribution in the growth markets of gardening, pet stores and food distribution. Our ambition is to create a unique platform of brands combining tradition and modernity, agricultural know-how and innovation, experience in store and digital. Teract meets the needs of a new-generation consumption which is synonymous with quality, sustainability and traceability. Through its subsidiary InVivo Retail, Teract gathers the gardening brands Gamm Vert, Jardiland, Delbard and Jardineries du Terroir, food distribution Frais d’Ici and Bio&Co and pet stores Noa. Teract’s main shareholder is InVivo, one of the leading European agricultural and agribusiness groups.