Lion Capital has reached an agreement with Maxeda that will see the UK private equity group acquire Dutch retailer Hemma, the companies announced today (4 June).
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Hema is a general merchandise retailer offering apparel, home, personal care and food products under the Hema brand. The group operates 305 stores in the Netherlands and 53 outlets in Belgium. It also has activities in Germany, Luxembourg and France. Gross sales in 2006 exceeded EUR1.3bn (US$1.75bn).
Commenting on the deal, Robert Darwent, founding partner of Lion Capital, indicated the private equity firm’s intention to increase investment in the retailer to accelerate growth. “Hema is well-positioned to accelerate its performance through the continued application of best practices and the expansion of its store portfolio through further investment,” he said.
The financial details of the transaction were not disclosed.
The acquisition is subject to approval from the relevant competition authorities.
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