BELGIUM: Delhaize completes Koryfi store buy
Belgian retailer Delhaize Group has completed, through its subsidiary Alfa-Beta Vassilopoulos, the acquisition of 11 stores and a distribution centre operated under the Koryfi banner.
The EUR7m (US$10.5m) acquisition of the Greek retailer will reinforce the position of Alfa-Beta in Thrace (Northeastern Greece) where it currently has a limited presence, the company said today (24 November).
Konstantinos Macheras, CEO of Alfa-Beta, said: "The acquisition of Koryfi supports Delhaize Group's objective of accelerating profitable revenue growth and fits in the company's strategy to reinforce its presence in existing or adjacent markets through fill-in acquisitions with strong synergies."
He added: "Thanks to this perfect fill-in acquisition of 11 well-located stores and a distribution center, Alfa-Beta reinforces its position in the Northeastern part of Greece where it so far only had a limited presence. We are pleased to welcome the employees to the Alfa-Beta family and to continue to serve the Koryfi customers."
The transaction includes the real estate ownership of two stores and a distribution center. Alfa-Beta plans to convert the acquired stores to Alfa-Beta banners before the end of 2010. The results of the 11 Koryfi stores will be consolidated in Delhaize Group's results from 23 November.
Alfa-Beta is the second largest food retailer in Greece. At the end of the third quarter its network consisted of 204 stores under the banners Alfa-Beta, AB City Market, ENA cash & carry, AB Foodmarket and AB Shop n' Go.
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