The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction Specialised Construction Activities Specialised Construction Activities 43.21 - Electrical Installation
102 jobs Number of planned job losses
Announcement Date
13 December 2023
Employment effect (start)
18 December 2023
Foreseen end date
31 December 2023
Description
The Avenel family business, founded in 1944, is expected to be taken over by the ERI group, which will retain two-thirds of the workforce, i.e. 198 employees out of 300, thus making 102 redundancies. Avenel, which was placed in receivership at the end of November, offers services in three areas of expertise: buildings, industry and infrastructure. ERI is thus acquiring activities that complement its own and is significantly increasing in size, going from 1,000 to almost 1,200 employees and from €185 million in sales in 2023 to more than €220 million. ERI group plans to double Avenel's turnover from its current level of €30 million by 2027. The only competing bid lodged with the commercial court was that of Equans, a subsidiary of the Bouygues group, which proposed to retain only around a third of Avenel's 300 or so employees.
Eurofound (2023), Avenel, Merger/Acquisition in France, factsheet number 200650, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200650.
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