18 December 2024
Kingfisher announces sale of Brico Dépôt
Romania to Altex Romania
Kingfisher plc, the international home
improvement company, today announces, following a competitive
process, the sale of its Brico Dépôt Romania business to Altex
Romania for an enterprise value of €70m 1 (equivalent to
£58m2).
The sale comprises the entire Brico Dépôt
Romania business, including its network of 31 stores in 24 cities,
distribution operations, and head office in Bucharest.
The sale is expected to complete during the
first half of FY 2025/26, subject to regulatory
approval.
Thierry
Garnier, Kingfisher CEO, said:
"We are
pleased to have found an experienced and successful local buyer for
Brico Dépôt Romania. This decision enables us to have greater
strategic focus on markets and growth initiatives where we are most
strongly positioned to deliver attractive returns and create
shareholder value.
"I would like
to thank all Brico Dépôt Romania
colleagues for their commitment and customer focus over the years.
Following strong interest, the outcome of the sale process is
testament to the progress the team has made in strengthening the
foundations of the business."
Dan Ostahie,
Altex Romania CEO said:
"Altex Romania, the
leader in the electro-IT market, is excited to announce the
acquisition of the Brico Dépôt store network.
This marks a significant milestone for all parties involved, and
this first step opens up new horizons for growth and opportunities
in the DIY market in Romania. Our primary goal is to continue
growing while delivering quality services with the customer at the
center of our focus. Our growth strategy is built on an omnichannel
model, ensuring a seamless and enjoyable shopping experience for
customers, regardless of the sales channel they choose.
"I want to convey a
message of confidence to all Brico Dépôt customers,
employees, and partners. We are committed to developing this
business by bringing innovation and efficiency to every aspect of
the operation. Every member of our team will benefit from
opportunities for professional development and a stimulating work
environment that emphasizes collaboration and excellence. Altex
Romania is confident in the future of Brico
Dépôt and
is determined to continue serving the community with high-quality
products and services."
In FY 2023/24, Brico Dépôt Romania delivered
sales of £269m, representing 2.1% of Group sales, and contributed a
retail loss of £(18)m and a free cash outflow of
£(17)m.
Kingfisher first entered the Romanian market in
2013, when it acquired Bricostore Romania from French retail
business Group Bresson. It expanded its store network in the
country through the acquisition of Praktiker Romania in
2017.
This transaction has no impact on Kingfisher's
Brico Dépôt banners in France, Spain and Portugal.
Enquiries:
Notes to
Editors
1. Subject to customary adjustments
relating to net debt and working capital at completion.
2. Figures presented in GBP use the
following exchange rate: EUR 1.21: GBP1.00
About
Kingfisher
Kingfisher plc is an international
home improvement company with over 1,900 stores, supported by a
team of over 78,000 colleagues. We operate in eight countries
across Europe under retail banners including Screwfix, B&Q,
Castorama, Brico Dépôt, TradePoint and Koçtaş. We offer home
improvement products and services to consumers and trade
professionals who shop in our stores and via our e-commerce
channels www.kingfisher.com
Better Homes. Better Lives. For
Everyone. At Kingfisher, we believe a better world starts with
better homes and we strive to help make that happen.
About Altex
Romania
Altex is a leading retail company in Romania,
with over 130 stores nationwide. Over more than three decades since
its establishment, Altex has grown from a local television import
business into the market leader for electronics, home appliances,
IT&C, and multimedia products in Romania. From the very
beginning, Altex has been committed to offering high-quality
products tailored to consumer needs and providing accessible
financing solutions. The "2X the Difference" service, compared to
other online or offline stores, guarantees customers the lowest
price in Romania.
Over time, Altex has expanded not only its
product range but also its services. To support customers in
accessing financing, Altex established Credex, a consumer credit
company that provides optimal financing solutions with low-interest
rates for purchases made both online and across its national store
network.