CHARGEURS (EPA:CRI) - CHARGEURS CREATES THE NEW WORLD CHAMPION IN MUSEUM SERVICES

Transparency directive : regulatory news

26/01/2020 16:00

CHARGEURS CREATES THE NEW WORLD CHAMPION IN MUSEUM SERVICES

                           PRESS RELEASE

                                                    Paris, January 26, 2020

Chargeurs Group announces the signing of an agreement for a major strategic
acquisition in the museum services sector in the United States

The coming acquisition of the American leader, D&P Incorporated, will allow
Chargeurs to position itself as the world leader in the high-growth market of
integrated solutions and visitor experience services for museums around the
world by bringing on board:
* America's largest integrated solutions platform for museums, set to generate
  full-year revenues of more than $45 million in 2020, with an operating margin
  of more than 10%;
* A robust and innovative team, led by the Barnwell family, which will continue
  to manage the company's day to day operations;
* The United States' iconic player in industrial services for museums, with a
  unique portfolio of achievements and a signed order book worth approximately
  $50 million, over one year of revenue;
* Chargeurs Technical Substrates becomes Chargeurs Museum Solutions.

Chargeurs Museum Solutions now has the most worldwide comprehensive offer in
museum installation services working with the major institutions, the curators,
the world's most renowned architects and designers and will represent more than
EUR100 million in full-year revenue. It will exceed two years ahead its revenue
target with an EBITDA in full-year of more than 14% and a recurring operating
profit of more than 10%.

"The acquisition of D&P is a strategic turning point that will make Chargeurs
the world champion in museum services, which is a fast-growing and very high
value-added new experiential luxury market. Thanks to our Game Changer
transformation plan, we will have succeeded in creating and leading a very
high-growth global niche market and in offering our customers synergies and a
range of unique end-to-end solutions in less than two years. The creation of
Chargeurs Museum Solutions (CMS) will allow us to combine the cutting-edge
expertise of our industrial and services star assets - Senfa Technologies and
Chargeurs Creative Collection - for the world's largest museums. D&P's
contribution will take CMS's revenue over the EUR100 million mark two years
ahead of schedule, with a full-year operating margin of 10% in 2020. Chargeurs
will generate more than EUR750 million in full-year revenue this year," said
Michaël Fribourg, Chairman and Chief Executive Officer.

"The acquisition of D&P confirms our strategy to attract the best star assets
and global team and is the next logical step after our recent deals and the
creation of our museum division Chargeurs Creative Collection. The arrival of
D&P and the Barnwell family alongside our flagship brands strengthens and
confirms our commitment to providing the closest support possible to our
customers across the entire value chain of museum projects. Backed by its
network of experts and its global footprint, Chargeurs Museum Solutions is more
than ever the leader to address the growing niche museum experiences market,"
added Sampiero Lanfranchi, CEO & Managing Director of Chargeurs Museum
Solutions.

"We are excited and pleased to be associated with Chargeurs, the new global
leading museum services champion in our niche industry. This transaction not
only lets Design and Production Inc. (D&P) continue our highest standards and
delivery in the US museum market place, but will allow us to expand our global
footprint. I am especially pleased that our great clients and signature
projects will continue to be served day to day by myself, my family and all our
existing and talented teams. The Chargeurs Museum Solutions' team will give D&P
additional resources to draw from and enable us to expand our US footprint as
well as our historic presence in Lorton, Virginia, near Washington DC. We built
our great reputation on taking on complex projects and our ability to always
deliver on time and within budget. Our mandate is to continue, in link with the
curators, the world's renowned architects and designers to provide that level
of service to the largest number of institutions." said Jay Barnwell, CEO of
D&P.

D&P, US LEADER IN TURNKEY SERVICES FOR MUSEUMS

D&P works hand-in-hand with the world's most renowned architects and designers
to provide iconic American museums with project management, and the production
and implementation of innovative technology systems and services designed to
revolutionize traditional museum design with a view to enhancing the visitor
experience. For 70 years, D&P has been supporting the production of emblematic
museum exhibits and exhibitions, positioning itself as the undisputed leader in
the American market. The range of services offered by D&P spans each of the key
stages in an exhibit's production: prefabrication consulting, project
management, scenography, exhibit engineering, prototyping, installation and
commissioning, as well as media and lighting systems. D&P is a highly
specialized organization with a team of more than 100 professionals. The head
office includes 15,000 square meters of office space and production workshops
close to Washington DC and major American museums.

D&P's flagship achievements include:
- Presidential museums (Ronald Reagan Presidential Library and Museum, George
  W. Bush Presidential Center, Jimmy Carter Library and Museum)
- Military museums (National Museum of the Marine Corps, National Museum of the
  United States Navy)
- Natural history museums (Smithsonian Institution, Bell Museum, Virginia
  Museum of Natural History)
- History museums (National Museum of African American History and Culture,
  National September 11 Memorial Museum, National Center for Civil and Human
  Rights, National Museum of American Jewish History)

D&P is expected to generate full-year revenue of more than $45 million in 2020,
with a recurring operating margin of more than 10%.

ILLUSTRATIVE INTEGRATION OF THE GROUP'S NEW HIGH EMOTION TECHNOLOGY(r)
SIGNATURE

D&P strongly embodies Chargeurs Group's new marketing signature, High Emotion
Technology(r), which carries with it all of the passion and emotion that go
into each of the Group's products and services and is shaped by continued
innovation, inimitable expertise and an exacting service culture. It is a
signature that adds another differentiating advantage for Chargeurs' client
communities and that complements its technological, logistical and service
excellence.

Subject to the customary due diligence, D&P joins Chargeurs Creative
Collection, the services arm of Chargeurs Museum Solutions, thereby opening up
the American market to the Group's other specialist divisions, namely Leach,
Design PM, MET Studio and Hypsos - whose acquisition is currently being
finalized. Chargeurs Creative Collection boasts a unique offering on today's
museum heritage management and visitor experience services market, from project
planning to the end-to-end delivery of innovative exhibits and showcases.

D&P will enable Chargeurs Creative Collection to penetrate the American museum
market and consolidate a stellar portfolio of iconic American projects. The
acquisition, which remains subject to the customary due diligence, strengthens
Chargeurs Creative Collection's ability to work in all stages of production of
integrated solutions for museums.

AN ACQUISITION FOR MAJOR VALUE CREATION

The acquisition of D&P strongly underpins Chargeurs portfolio of high-potential
activities. With a signed order book of approximately $50 million, comprising
projects spanning several years, the company will also reinforce the Group's
visibility over its future development.
Carried out by preemptive approach in line with Group standards, the operation
is financed thanks to the long-term resources that Chargeurs has built up over
recent years, and will have a beneficial impact on earnings per share from
2020. This strategic acquisition notwithstanding, its careful management means
the Group will continue to enjoy a great deal of financial flexibility, leaving
it with an immediate net financial debt that is lower than three years of
proforma EBITDA. This limited financial impact is a testament to the Group's
discipline in terms of acquisitions and cash flow generation.

CHARGEURS MUSEUM SOLUTIONS (CMS), A NEW GLOBAL CHAMPION IN NICHE MARKETS
DEDICATED TO THE MUSEUM SECTOR

With its latest acquisition, Chargeurs Technical Substrates is rounding out its
methodical transformation that began in 2018 and becoming Chargeurs Museum
Solutions. Backed by a new management structure and a global footprint, CMS can
confidently look to its two operational divisions - Senfa Technologies and
Chargeurs Creative Collection - to address the many commercial opportunities to
be in both industry and services alike.

Chargeurs Museum Solutions will continue to support within its operational
division Chargeurs Creative Collection its renowned and iconic portfolio of
brands - D&P, Leach, MET Studio, Design PM and Hypsos - and will actively
pursue its organic and external development in the coming years.

Chargeurs Museum Solutions is now on course to achieving widely ahead of time
its full-year revenue target of more than EUR100 million in 2020, with EBITDA
of more than EUR14 million and a recurring operating profit of more than EUR10
million.

The acquisition of D&P also confirms Chargeurs' ability to create very high
value-added niche activities in its businesses and divisions that bring
together the best in the field, and generate numerous synergies to be developed
by its specialist teams. D&P's management will remain in place alongside
Chargeurs and continue to manage its development.

For more information about D&P, go to: https://www.d-and-p.com/

2020 Financial Calendar

Thursday, January 30, 2020                Financial Information - 2019 annual
(after the close of trading)              revenue
Thursday, March 5, 2020
(before trading)                          2019 annual results

ABOUT CHARGEURS

CHARGEURS offers its customers integrated differentiation solutions to meet the
new aspirations of consumers in terms of quality, innovation, environmental
sustainability and experience. Number one in the world in all its businesses,
the Group, whose marketing signature is High Emotion Technology(r), delivers
its expertise in three key sectors with very high potential for value creation:
protection for premium materials, fashion and luxury and visitor experience.

The Group has over 2,600 employees on five continents, who serve a diversified
customer base spanning more than 90 countries.

In 2018, revenue totaled EUR573.3 million, of which more than 90% was generated
outside France.

CONTACTS - www.chargeurs.fr
Financial Communications - +33 1 47 04 13 40 - comfin@chargeurs.com

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CHARGEURS (EPA:CRI) - CHARGEURS CREATES THE NEW WORLD CHAMPION IN MUSEUM SERVICES

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