(BFM Bourse) – A subsidiary of Casino and the company which counts Tony Parker as a shareholder, have announced that they are ending their partnerships signed in 2022 and 2023. This decision marks the upcoming exit of Distribution Casino France from the capital of Smart Good Things.
Casino’s setbacks also penalize the company Smart Good Things, present on Euronext Access+ since September 2022. The group which calls itself a “pioneer of the caring economy” and the company Distribution Casino France (DCF) have announced the end of their partnership.
The company, which counts ex-basketball player Tony Parker as shareholder and deputy general manager, and this subsidiary of the Casino group signed on April 22 “an agreement ending their partnerships”, concluded in December 2022 and March 29, 2023.
At the end of December 2022, the company Distribution Casino France took a 10% stake in the capital of Smart Good Things.
In exchange for this equity investment – which was carried out without cash or title – DCF was responsible for the listing and distribution of Smart Good Things products in the various food brands of the Casino group, namely Hyper Frais, Géant Casino, Supermarchés Casino and the Petit Casino, Vival, Spar, Casino Shop and Sherpa convenience stores. This agreement also covered the development of new dedicated products and services, in association with the young French company.
An exit from DCF capital
And three months later, in March 2023, Distribution Casino France and the pioneer of the “caring economy” Smart Good Things had strengthened their initial partnership. The new agreement signed this time strengthened the company Distribution Casino France in the capital of the young French growth. Also, the deployment of referencing and distribution systems was planned in other food brands of the Casino group in France (Monoprix, Naturalia and Franprix).
As part of this strengthened partnership, it was planned that Smart Good Things would manage “shops-in-shops” in 60 hypermarkets and 200 Casino supermarkets (spaces in points of sale which are originally reserved for another brand ) in order to market food and non-food products as well as innovative services, regularly renewed.
Smart Good Things Holding says it is committed to implementing the conditions necessary for the complete exit of DCF from the company’s capital. As a reminder, DCF holds 3,703,440 shares, or 14.71% of the capital of the specialist in the caring economy.
“This full exit from the capital of Smart Good Things Holding should in principle be carried out following a capital reduction motivated by losses according to a timetable and detailed terms which remain to be agreed and subject to the suspensive condition of its authorization by the “extraordinary general meeting of the company”, specifies Smart Good Things.
The difficulties of the distributor Casino could undoubtedly explain the decision of Smart Good Things to request the protection of the Paris Court of Smart Good Bevtech, its subsidiary specializing in preparations for instant drinks.
Smart Good Bevtech placed in receivership
At the beginning of April, Smart Good Things Holding indicated that its subsidiary Smart Good Bevtech had been placed, by judgment of February 21, in receivership proceedings for an observation period of 6 months.
Smart Good Things then spoke of “a context of restructuring of the large-scale food distribution sector and strong inflationary pressure”. The group said it was studying “different options to continue the activity and, or, to enhance the technological capital of its subsidiary”.
The group has therefore made it a “strategic priority” to focus on the deployment of its subsidiary Salva – formerly called Smart Good Retraite. In November 2023, Smart Good Things launched a new consumption-based funded retirement system called Salva, known at launch as “Project Fou”. “We invented a French-style pension fund which is in fact a consumer fund,” Serge Bueno, director of Smart Good Things, told BFM Business.
The company had also indicated that it would take stock of the situation during the publication of the 2023 annual results scheduled for April 30, 2024, i.e. this Tuesday.
Introduced on Euronext Access at the beginning of September 2022, Smart Good Things aimed to transfer to Euronext Growth in 2023, if conditions were suitable. “We are aiming for a transfer to Euronext Growth in 2023, with the opening of our capital to new investors, individuals and institutions, to support us in this formidable project,” Tony Parker declared at the time. Smart Good Things has since not communicated about this project, and is surely waiting for a more favorable moment to move up to the next stock level…
Sabrina Sadgui – ©2024 BFM Bourse
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