Metavisio: Balthus could take control of the board as part of a financing plan
The fund plans three phases through March 2027: €750,000 in cash from November 2026, a budget of up to €4 million to settle the debt, and then an estimated €6.3 million for working capital requirements. The general agreement would only be reached next spring.
Three financing phases spread from November 2026 to March 2027
Metavisio designs and markets computers, tablets and peripherals under the Thomson brand. On November 4, 2026, the company signed a letter of intent with exclusivity with the investment fund Balthus. This is a preliminary commitment: the general agreement is scheduled for March 2027.
According to the company, the transaction should make it possible to propose a solution for settling its debt and to finance orders of Thomson products, alongside the Hexagone fund. It is part of a recovery plan aimed at clearing liabilities and durably rebuilding shareholders' equity.
The arrangement is divided into three phases. The first covers the period from November 2026 to March 2027, dedicated to debt negotiations. Balthus undertakes to finance the company's cash requirements up to €750,000, released monthly.
This commitment remains subject to maintaining the exclusivity provided for in the letter of intent and to continuing the development of the restructuring plan. The second phase consists of a budget of up to €4 million, intended to obtain the settlement of the debt.
The third phase would take place once an agreement on the debt has been obtained. The fund has committed to provide, in March 2027, additional financing estimated at €6.3 million for working capital requirements. Its amount will depend on the level of orders to be financed and will be added to the envelope planned for the debt.
The last two phases therefore correspond to a ceiling and an estimate, linked to the progress of the negotiations. Only the first tranche is presented as available from November 2026.
The majority of the board of directors would go to the Balthus fund
The completion of the transaction is expressly subject to a prior reorganization of Metavisio's governance, under conditions allowing Balthus to obtain control of it. The corresponding decisions must be adopted before the planned capital increase and before any making available of the planned financing.
In practice, the directors appointed on the proposal of Balthus would have to represent the majority of the board of directors. The chairmanship of the board would go to Stephan Français, the company's chief executive.
Where applicable, a shareholders' agreement or an arrangement would govern the maintenance of the governance rights recognized for the fund. It would notably cover the composition of the board, the majority rules and the decisions subject to prior authorization.
This sequencing places the change in governance before the provision of funds. The press release announces the start of financing from November 2026, while the text of the agreement makes any making available of financing subject to this prior reorganization of the board.
According to the company, this structure meets three requests made by Metavisio, its management and its shareholders. For the latter, the transaction combines a transfer of the board majority to the fund and a planned capital increase.
A signing after eight months of negotiation and positive half-year accounts
The signing takes place a few days after the publication, on November 2, 2026, of the audited and certified half-year accounts. Metavisio reported an operating profit of €0.069 million, compared with an operating loss over the comparison period, on revenue of €7.5 million.
According to the company, these results confirm the return to profitability at the operating and net income levels, and the letter of intent was concluded after eight months of negotiation.
In October 2026, Thomson Computing listed its professional range with the European distributor Also, a step included in its development plan for 2027, following agreements signed with three investment funds.
