Bourrelier Group: directors' dealings · France · AMF

About Bourrelier Group

Bourrelier Group is a French listed company traded on Euronext Growth Paris, historically built around specialized home-improvement retail and later expanded into a broader mixed holding structure. The company has been listed since 1996 and moved to Alternext, now Euronext Growth, in July 2011. Its headquarters are in Nogent-sur-Marne, France. The shareholding is highly concentrated, with M14 holding the overwhelming majority of the capital and the Bourrelier family retaining a small residual stake, which reflects the group’s family-controlled profile. The group traces its roots to the entrepreneurial work of Jean-Claude Bourrelier, who developed a specialized retail business that was subsequently structured into a larger diversified group. Over time, Bourrelier Group evolved into an operating and investment holding company combining DIY retail, industrial activities, hospitality, and real-estate/financial investments. This diversification is central to its profile, helping the group reduce reliance on a single business cycle while keeping a strong exposure to home improvement and related consumer demand. Its largest business line is DIY retail in the Benelux region. As of 31 December 2024, the group operated 37 Gamma stores in Belgium, 22 Karwei stores in the Netherlands, and 8 Gamma stores in the Netherlands. Distribution generated EUR 244.7 million in revenue in 2024, making it the core earnings engine of the group. Bourrelier Group highlights a competitive market environment, adverse weather conditions, and a still-challenging demand backdrop, while noting resilience in several “outdoor” product categories and ongoing efforts to preserve store profitability. The industrial division is centered on Mavic, a well-known cycling equipment brand. In 2024, this segment posted EUR 43.9 million in revenue, up year on year despite a difficult global bicycle market that has been weighed down by high inventories and weak demand in some major European markets. Management still sees attractive medium- to long-term growth potential, supported by the broader expansion of cycling as a leisure, mobility, and sports activity. Bourrelier Group also operates a hospitality business through two Paris hotels, including Lord Byron and Kapital Opéra/Mayflower. The company has invested in refurbishments and service upgrades, including breakfast areas, lobby enhancements, wellness features, and other repositioning works aimed at supporting average room rates and improving the guest offering. In addition, the group has an “investments” segment that mainly includes commercial rent income, service activities, and property investments; notably, it acquired a commercial real-estate park in Torcy, Seine-et-Marne, in early June 2024. For 2024, Bourrelier Group reported consolidated revenue of EUR 300.1 million, up 1.8% from 2023. Beyond operations, the company remains actively engaged in searching for new investment opportunities, although market conditions have not yet allowed additional major majority stakes. A notable feature of the investment case is the presence of recurring legal disputes, including litigation with Intergamma over franchise relationships in Belgium and the Netherlands, as well as proceedings involving minority shareholder JG Capital Management. These factors are important when assessing the risk profile of the stock.