GIB and Vendex KBB have signed an agreement for the purchase by Vendex KBB of 100% of the capital of Brico Belgium s.a., GIB’s subsidiary controlling all its international DIY activities, subject to the prior approval of the European competition authorities. The transaction values the company at € 505 million.
Vendex KBB is the leading non-food retailer in The Netherlands and also has various retailing formats in Belgium, Denmark, Luxembourg, Germany and France. Vendex KBB ranks amongst the largest corporate groups in The Netherlands, with some 53,000 employees, more than 2,500 outlets, net sales of € 4.6 billion, an operating income of € 239 million and a net income of € 160 million (2000/01 fiscal year). Vendex KBB operates department stores and speciality stores. The DIY activities of Vendex KBB comprise two retail formats, Praxis and Formido, with a total of approximately 200 outlets, more than 80 of which are franchised, net sales of € 737 million, operating income (including income from real estate) of € 45.3 million and some 3,750 employees (2000/01 fiscal year).
Brico Belgium operates 97 stores in Belgium (of which 55 are franchised) under the Brico and Briko Depot banners, 37 stores in France (7 franchised) under the Obi banner, 18 stores in Spain (1 franchised) and 12 in Portugal under the Aki banner. Brico Belgium employs some 5,000 people in Europe and reported total system-wide sales of € 885 million in 2001.
This transaction will have a net positive impact of € 315 million on GIB GROUP’s consolidated accounts for the 2002 fiscal year.
Vendex KBB has informed GIB that, after completion of this transaction, Vendex plans to sell Brico’s interests in France, Spain and Portugal in a subsequent transaction to Leroy Merlin, Europe’s 3rd largest DIY retailer.
(source: GIB Group)
