Business

Cabasse Group to pay out 50.1% of its subsidiary’s shares to its shareholders

Cabasse Group, Europe's leading home automation and smart home devices company, has revealed that it will make an unprecedented in-kind distribution of more than half (50.1%) of the shares in its audio subsidiary to its shareholders and intends to rename itself VEOM Group.

Eva Morletto

By Eva Morletto18 octobre 2022

Cabasse has recorded a turnover increase of +80% over six years (Cabasse Group)

The French company founded in 1950 by Georges Cabasse is to split into two separate companies and separate its connected speaker and luxury hi-fi audio businesses from its other activities. It has announced that it will distribute 50.1% of its subsidiary's shares to its shareholders. Cabasse Group will still hold 49.9% of the capital of its future ex-subsidiary and will be renamed VEOM Group.

The group also plans to apply for the listing of the Cabasse shareholder package on the Euronext Growth market of Euronext Paris. The latter is expected to provide the agreement on the procedure.

In recent years, Cabasse has experienced significant growth in its business thanks to its state-of-the-art wireless devices for listening to digital music, including the luxury range THE PEARL, an exclusively designed series that includes nine connected speaker systems.

The Cabasse subsidiary has thus been able to post a turnover increase of +80% over six years (2015-2021), and is now aiming for autonomous and independent development from Cabasse Group, with a financial and commercial strategy different from that of the parent company.

The products of the Cabasse subsidiary target customers looking for high-end solutions, while Cabasse Group focuses on the consumer market, in the fields of home automation, video and security equipment. Cabasse's exclusive positioning in the luxury segment thus requires a different strategic development.

While the financial performance of the Cabasse subsidiary has shown steady increases in recent years, the parent company achieved a turnover of 6.1 million euros in the second quarter of its 2022 financial year, slightly down (-5%) compared to the same period in 2021. Considering that 2021 had been an exceptional year, with a growth of +37% in the second quarter.

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