Delhaize Group's Alfa-Beta Acquires Koryfi
Acquisition of 11 stores to reinforce the position of Alfa-Beta in Thrace
Delhaize Group, a food retailer, has entered into a share purchase agreement to acquire the Greek retailer Koryfi through its subsidiary Alfa-Beta Vassilopoulos for an amount of €7.0m, the acquisition of 11 stores is expected to reinforce the position of Alfa-Beta in Thrace.
Koryfi is a family-owned supermarket chain that operates 11 stores including eight located in Alexandroupolis, and a small distribution center. The transaction includes the real estate ownership of two stores and the distribution center.
The acquisition of Koryfi is subject to customary conditions, including the approval by the Greek antitrust authorities. The transaction is expected to close in the fourth quarter of 2009.
Alfa-Beta is a food retailer in Greece. At the end of August 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.
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. The Koryfi stores will give Alfa-Beta an important presence in Thrace, an area in Northern Greece where we are currently almost absent.”
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