Portuguese retail and distribution group Jerónimo Martins has bought back the Jeronymo coffee shop and Hussel Ibéria candy store chains.
The company decided to keep two of the assets of Monterroio, a Dutch subsidiary that it sold in September to its main shareholder, the family holding company Francisco Manuel dos Santos (SFMS). It owns 56% of the retail group.
The deal for the sale of Monterrio to SFMS was worth €310 million, generating an estimated book gain for Jerónimo Martins of €75 million.
The company will now repurchase 100% of the shareholding capital of Jerónimo Martins Restauração e Serviços (which operates Jeronymo) and 51% of Hussel Ibéria – Chocolates e Confeitaria.
The financial details of the latest operation have not been revealed, although Jerónimo Martins stated "it will not have any material impact on the group’s financial statements".
JMRS owns and operates 18 Jeronymo cafes and 30 Olá ice cream parlors, while Hussel has 27 shops in partnership with German company Douglas, which holds the remaining 49% of Hussel.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
