Delhaize Closes Acquisition Of Koryfi
Published:23-November-2009
By Staff Reporter
To reinforce the position of Alfa-Beta in Thrace
Delhaize Group, a Belgian food retailer, through its subsidiary Alfa-Beta Vassilopoulos, has completed, the acquisition of 11 stores and a distribution center operated under the banner Koryfi for an amount of €7m.
According to the company, this acquisition will reinforce the position of Alfa-Beta in Thrace (Northeastern Greece) where it currently has a limited presence.
In 2008, the revenues of the 11 acquired stores amounted to €30m. 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 November 23, 2009.
Konstantinos Macheras, chief executive officer 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.
“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."
Alfa-Beta is a food retailer based in Greece. At the end of the third quarter of 2009, Alfa-Beta's network consisted of 204 stores under the banners Alfa-Beta, AB City Market, ENA cash & carry, AB Foodmarket and AB Shop n' Go.
