TPF realised two external growth operations in Maghreb

During this summer, TPF realised two external growth operations in Maghreb.

1 - The first one consist in the acquisition of 70 % of the capital of Pyramide, the second Moroccan engineering society.

Established in 2000, this one has, presently, a small hundred of collaborators and possesses an extensive experience in the sector of building engineering, a field where she is, by far, the leader. Its Headquarters are located in Rabat and she has agencies in Tangiers and Marrakech.
She is expected to realise in 2009 a turnover of 5,5M€, representing a 100% growth regarding 2008, year with new itself a growth of 40%. The portfolio represents 3 years of activity.
The development in the future will be axed mainly:

• In the creation of an activity of infrastructure studies, sector in strong expansion in Morocco and in which TPF possesses a large expertise,
• In the strengthening of the activity in Algeria, country where TPF has already a branch office
• And in the export of services to Mauritania country with raw materials resources expected to experience a significant development in near future.

The negotiations ran in an exemplary way, as during them the studies of two major projects have been won by Pyramide in association with our French branch Beterem : The project Casa Anfa in Casablanca (60 000 m²) and a hotel complex for the group Pierre et Vacances in Marrakech (40 000 m²).

The two managers still holding 30% of the capital have committed themselves to remain in front of the society for the next ten years.
After amortization of the goodwill, Pyramide will contribute significantly to the results of TPF in 2009.

2 - Acquisition of 70 % of the engineering society Monastab in Tunisia.

In spite of the recession, TPF, either in France or in Belgium and in spite of numerous commitments, is unable to find a sufficient number of young or experienced draftsman to undertake its projects either in these two countries or for export.

Monastab which has 8 employees has already executed some studies for TPF to our entire satisfaction.

An agreement has thus been celebrated allowing us to purchase 70% of the capital, the management keeping 30%, in order to strengthen our relations and accelerate the development of Monastab.

TPF possesses, actually, with our Algerian branch, circa 140 collaborators in the Maghreb and has really the intention of accelerating its development in this region of the world.

Integrating the above mentioned operations as well as the growth in India and Angola, the total, of TPF has passed from 1000 to 1200 collaborators since January 1st 2009. Solidly implanted worldwide, TPF has presently branch offices in 12 countries.