Dutch retailer Jumbo to buy rival supermarket chain C1000
24 Nov 2011
Dutch retailer Jumbo Groep Holding BV today agreed to buy rival supermarket chain C1000 from private equity firm CVC Capital Partners, a move that will make Jumbo the second-largest retailer in the Netherlands.
The acquisition comes after Jumbo acquired Super de Boer NV in 2009 for €553 million.
Privately owned Jumbo, which did not disclose the financial terms of the deal, said the acquisition will make it the second-largest supermarket chain in the Netherlands with a 23-per cent market share behind A-hold's market-leading Albert Heijn chain, which has over 800 stores.
The merger gives it an additional 400 stores in the country and expands its chain to 725 stores with a combined turnover of €7.5 billion.
Dutch newspaper De Telegraaf said that Jumbo will pay about €900 million ($1.2 billion) for C1000. CVC Capital had acquired A-hold's 73 per cent stake in C1000 parent group Schuster in 2008 for €950 million.
Jumbo outbid two private equity firms Bain Capital and BC Partners and Sperwer Holding, owner of the Plus supermarket brand.
C1000, which has annual sales of around €4 billion, has around 400 stores, of which 20 are owned and the rest are operated under franchise.
