Loss-making French express parcels carrier Sernam has sold a majority stake to Paris-basedfinancial investor Butler Capital Partners, the proceeds from which the former SNCF subidiary says
will help expand its services and network.Butler has taken 51.8% of the Sernam holding company, reportedly for EUR 10.7 million, to addto its diverse investments which include the SNCM ferry company, Paris Saint-German football cluband mushroom producer France Champignon.
“The entry of a reference shareholder alongside the management team will allow (us) toaccelerate the development of the group in key areas, such as the quality of service offered to thegroup’s clients and strengthening of the network,” Sernam said in a statement.
Butler will hold the majority on the supervisory board, while the management team willcontinue to be led by Philippe Chevalier, who led Sernam’s management buy-out from SNCF in 2005,the company said.
Sernam, which is one of France’s largest express parcels operators with around 4.5% marketshare, has 2,100 employees and last year registered a loss of EUR 22 million on revenues of EUR 350million, according to La Tribune newspaper.
