Paprec publishes Pizzorno Environnement offer document, clearing the way for its bid for the Var group
The recycling giant, which has controlled the Draguignan-based waste specialist since June, is offering minority shareholders €62.50 per share. Pizzorno's board of directors has recommended the offer.
The final step before the offer opens. Paprec Group's offer document (note d'information) on Groupe Pizzorno Environnement, approved by the Autorité des marchés financiers, France's financial markets regulator, was made public on Tuesday 27 October. The French recycling group is offering shareholders in the Var-based waste collection and treatment specialist €62.50 per share in cash, under a simplified tender offer that will not be followed by a squeeze-out.
The price represents a premium of 11.6% to the last closing price before the plan was announced on 16 January. The appointed independent expert, the firm Crowe HAF, has deemed it fair. Pizzorno's board of directors unanimously issued a favourable opinion at the end of July. The offer is due to run for ten trading days.
Paprec, which already held 20% of the capital, took control of the group on 9 June by buying 30.64% of the shares from the Pizzorno-Devalle family, at the same price of €62.50. The family retains a role: Magali Devalle, the founder's daughter, has become vice-chair of the board of directors, now chaired by Mathieu Petithuguenin, and Frédéric Devalle remains chief executive, a post he has held since 2015. The family keeps these positions as long as it holds at least 7.5% of the capital or voting rights.
The deal closes a chapter in the Var's economic history. It all began in Draguignan in 1974, when Francis Pizzorno created Dragui-Transports to collect and transport waste. Two years later, the company opened the department's first engineered landfill site at Le Cannet-des-Maures. The founder, who remained at the helm for forty years, handed over to his daughter in 2017, a year before his death.
Listed in Paris, Pizzorno now covers every part of the waste business, from street cleaning to recovery. Its headquarters remain in Draguignan.
Sources
- Note d'information relative à l'offre publique d'achat simplifiée visant Groupe Pizzorno Environnement — Paprec Group
- Paprec prend le contrôle de Pizzorno Environnement (communiqué du 10 juin 2026) — Paprec Group
- Le conseil de Pizzorno recommande l'offre de Paprec — Zonebourse
- La famille Pizzorno-Devalle envisage de céder le contrôle de Pizzorno Environnement au groupe Paprec — Boursorama
- Une histoire familiale — Groupe Pizzorno Environnement
- Décès de Francis Pizzorno à l'âge de 81 ans — France 3 Provence-Alpes-Côte d'Azur