Spanish retailer Eroski has obtained full ownership of regional supermarket operator Caprabo.
In 2007, Eroski purchased a 75% stake in the privately-owned firm from the founding Botet family. Since then, under the terms of the original deal, Eroski has gradually increased its holding in the company. Last year Eroski paid EUR125m (US$162m) for a further 9% of shares. The financial details of the latest transaction for the extra 16% of the business were not disclosed.
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Caprabo operates a network of 350 supermarkets in Catalonia, Madrid and Navarre. In 2011 the chain generated revenues of EUR1.48bn, an operating profit of EUR19.4m – up 12% year-on-year – and net profit of EUR8.5m.
“With this decision, Eroski steps forward in the business plan that is based on strengthening the supermarket model and brand Caprabo,” said Eroski president Agustin Markaide.
He said the acquisition builds on Eroski’s strategy to develop an urban footprint and suggested the group would accelerate the development of the Caprabo chain.
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