IVRY-SUR-SEINE, France--(BUSINESS WIRE)--Regulatory News:
BALYO (FR0013258399, Ticker: BALYO, eligible for the PEA-PME plan), a technological leader in the design and development of innovative robotic solutions for material handling trucks, today announced the strengthening of Bpifrance, Thomas Duval and Fabien Bardinet in its capital.
The off-market transaction covers 587,000 BALYO shares, 500,000 shares for Bpifrance, 15,000 shares for Thomas Duval and 72,000 shares for Fabien Bardinet, enables Seventure Partners to meet the liquidity needs required by its regulated fund management activity. Seventure Partners has also agreed to hold the balance of its stake (22.45% of the share capital) on a declining balance basis for a period of 18 months (100% for 3 months; 85% for 6 months; 70% for 9 months; 55% for 1 year; 40% for 15 months; 25% for 18 months).
The transaction will lead to the disclosures required by applicable regulations (including disclosures on shares transaction made by the management).
Fabien Bardinet, Chairman and Chief Executive Officer of BALYO, stated: “We are delighted with Thomas to strengthen our position in the capital of BALYO. This joint strengthening with Bpifrance, the Company's long-standing shareholder, illustrates our confidence in BALYO's growth prospects and strategy. We thank our historical shareholders for their renewed confidence, as evidenced by Seventure Partners' commitment to retain its residual stake and, more generally, its desire to reconcile its need for liquidity with BALYO's development."
BALYO transforms standard forklift trucks into standalone intelligent robots thanks to its breakthrough proprietary Driven by Balyo™ technology. The geoguidance navigation system developed by BALYO allows vehicles equipped with the system to locate their position and navigate autonomously inside buildings. Within the automated handling vehicle market, BALYO has entered into two strategic agreements with Kion Group AG (Linde Material Handling's parent company) and Hyster-Yale Group, two major operators in the material handling sector. BALYO is present in three major geographic regions (Americas, Europe and Asia-Pacific). Its sales revenue reached €23.3 million in 2018. For more information, please visit our website at www.balyo.com.