Carrefour’s bid to acquire Uvesco, the parent company of the BM Supermercados chain in Spain, has been rejected by Uvesco’s majority shareholder, the French fund PAI Partners, according to reports.
Through the proposed deal, Carrefour aimed to expand its Spanish presence, but PAI Partners deemed that Carrefour’s offer, reportedly around €800 million, was insufficient, according to local media.
PAI Partners’ Stake
Four years ago, PAI Partners acquired a 70% stake in Uvesco. The remaining 30% is held by the company’s founders, including the Fernández de Barrena family, whose member José Ramón currently serves as president and has been involved in Uvesco’s management structure for many years.
A portion of that 30% is also owned by the Artizarra Foundation, which works to keep Basque and Navarrese businesses independent from large corporations and investment funds.
BM Supermercados’ Network
BM Supermercados operates 300 stores, mostly in the Basque Country, where it is the second-largest supermarket chain, after Eroski. It also operates an online store and has four logistics platforms.
With over €1 billion in annual sales, BM is a significant regional employer and purchaser of local goods, totalling around €127 million annually.
The collapse of the deal now allows Basque stakeholders to pursue alternative ownership options. Due to its importance to the Basque economy, the regional government expressed its interest in investing in Uvesco, to safeguard BM’s presence in the region.
Despite the failed acquisition, BM continues its expansion plans, recently acquiring 31 stores in Madrid from the Hiber chain.
As well as BM Supermercados, Spanish food distribution group Uvesco also owns Súper Amara, with a network of eight stores.
