BELGIUM: Delhaize completes La Fourmi acquisition

By: just-food.com | 2 September 2008

Belgian food retailer Delhaize Group has completed, through its fully-owned subsidiary Mega Image, the acquisition of Romanian retailer La Fourmi.

Mega Image, which operates 14 stores in Bucharest, acquired supermarket chain La Fourmi for EUR18.6m (US$26.9m). The deal will include real estate ownership of four stores.

"Thanks to this perfect fill-in acquisition of 14 well-located stores in urban areas, Mega Image strengthens its number one position in the city of Bucharest," said Xavier Piesvaux, general manager of Mega Image. "By the end of the year, we expect Mega Image's network to reach 40 stores. This acquisition will also allow us to realise important buying synergies."

For 2007, the revenues of the 14 acquired stores amounted to approximately EUR35m. Delhaize will convert the La Fourmi stores, which have a selling area of 350 to 500 square metres, to Mega Image supermarkets within the next six months.

Sectors: Emerging markets, Retail

Companies: Delhaize