At Dutch retailer Ahold Delhaize announced the acquisition 100% from Romanian grocer Profi Rom Food SRL, from MidEuropa.
Ahold Delhaize said the deal is expected to close next year, taking into account merger and competition regulations.
Ahold Delhaize will pay an enterprise value of approximately €1.3 billion to acquire the series, which equates to a lease-adjusted enterprise value of €1.8 billion (post IFRS 16).
MidEuropa Partners commented last month that it was looking for a buyer for the chain.
‘Welcome to the family’
“I am very excited to welcome Provi to the Ahold Delhaize family,” commented Frans Müller, CEO of Ahold Delhaize. “We have been following the company’s trajectory for some time and are impressed by what the Profi team has been able to achieve.
“I firmly believe that Profi has an exciting growth path ahead, and I look forward to partnering with the team to strengthen our presence in Central and Southern Europe.”
Profi operates 1,654 stores in Romania, generating sales of €2.5 billion in the 12 months to June 2023. The acquisition will double Ahold Delhaize’s presence in the country, where it operates 969 stores under the Mega Image brand.
Ahold Delhaize’s presence in the country is largely focused on urban areas, and it said the acquisition of Profit will complement its footprint, enabling it to better serve both cities and rural areas.
“European best practices”
“By joining our family, the group will benefit from our European best practices in the areas of digitalisation, sourcing, expanded local assortment, infrastructure and sustainability,” added Wouter Kolk, CEO of Ahold Delhaize Europe and Indonesia. “I’m excited for the journey ahead.”
The retailer added that the deal “will not have a material impact on its ongoing capital allocation” and capital return policies, and will not limit the balance sheet’s ability to pursue further acquisition opportunities.
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