Maxima Grupė subsidiary Stokrotka has agreed to acquire 14 grocery stores operating in the Masovian province of Poland.
The transaction, expected to close by the end of this year, is subject to certain terms and conditions, including antitrust approval.
Emperia Holding, a Maxima Grupė subsidiary that operates the Stokrotka grocery chain in Poland, acquired eight stores in the Warsaw region last year.
'Challenging Times'
Mantas Kuncaitis, Maxima Grupė CEO and board chairman, said, “Despite challenging times, we believe in this region in terms of both security and growth opportunities. Therefore, we are further investing and were able to carry out a second acquisition within a one-year time frame.
“The transaction contains real estate element, which corresponds to our direction of strengthening real estate portfolio. We are keeping our focus to expand in the Polish market, both through organic growth and M&A activities with the main criteria that it would be a good fit within Stokrotka’s business model.”
The Polish retailer expects sales in the 14 stores to exceed €25 million.
'Planned Organic Growth'
Arūnas Zimnickas, managing director and president of the management board of Stokrotka, added, “Following the takeover of eight stores which was finalised at the end of 2021, the recently signed takeover of 14 stores in the area of Masovian Voivodeship will further strengthen our position in the region and allow us to expand in addition to the planned organic growth.”
At the end of 2021, Stokrotka’s store network comprised over 800 own and franchised stores, with turnover amounting to over €1 billion.
In 2018, Lithuania-based Maxima Grupė acquired the retail chain.
© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
