- Valora acquires Convenience Concept GmbH (CC), a company with some 1,300 retail outlets and projected external sales of around € 450 million (CHF 540 million)
- Transaction makes Valora the leading micro-retailer in Germany, Austria and Switzerland, with some 2,900 POS, enabling the firm to build on its position in Germany's small-outlet retail sector
- Long-term enhancement in profitability in line with previously announced Valora 4 Growth objectives achievable
- Strategic ties to Lekkerland to be strengthened
Valora acquires Convenience Concept GmbH (CC), a company
with some 1,300 retail outlets and projected external sales
of around € 450 million (CHF 540 million)
Valora's purchase of the Lekkerland subsidiary Convenience
Concept (CC), Germany's largest integrated kiosk network,
has enabled the Group to achieve a significant milestone in
the implementation of its Valora 4 Growth expansion
strategy. CC's portfolio of some 1,300 excellently situated
outlets, 170 of which are travel retail units occupying
sites at public transport hubs, are an ideal match for
Valora Retail Germany. In its current network, CC operates
the CIGO, Tabak-Börse, ServiceStore DB, U-Store and Kio
formats, as well as a number of unbranded units. These
outlets, all of which are operated by independent business
partners or franchisees, generated external sales of some €
450 million (CHF 540 million) in 2011. This new transaction
and the Group's earlier acquisition of the tabacon network
have enabled Valora to purchase Germany's number one and
number four kiosk chains within the space of 18 months.
Valora and Lekkerland have agreed not to disclose the
purchase price for CC or the terms of the strategic
collaboration planned between the two firms. Valora's
existing loan facilities will provide the scope required to
finance the purchase. The transaction requires approval by
the Bundeskartellamt, Germany's independent competition
authority.
Transaction makes Valora the leading micro-retailer in
Germany, Austria and Switzerland, with some 2,900 POS,
enabling the firm to build on its position in Germany's
small-outlet retail sector
This expansion of its network to some 2,900 outlets makes
Valora the leading micro-retailer in the German-speaking
markets. Taken in conjunction with its network of just
under 100 units in Luxembourg and Austria, and the 1,200 or
so outlets it operates in Switzerland, this transaction
also means that Valora Retail is now the second-largest
micro-retailer in Europe. The CC purchase will also
strengthen Valora's position as a small-outlet retailer in
Germany. The deal will create the largest kiosk network in
Germany, comprising nearly 1,500 outlets (some 100 tabacon
units, 90 k kiosk units and the 1,300 CC sites) and
commanding an estimated market share of around 10 percent.
In the first year of full consolidation of the CC units,
Valora expects to generate overall external sales in
Germany of some CHF 900 million, including the turnover
from its current network of some 170 railway station
bookstores, but excluding any further acquisitions. This
means that the scale of Valora Retail Germany will approach
that of Valora Retail Switzerland with its four formats (k
kiosk, P&B, avec. and Caffé Spettacolo) and annual sales of
some CHF 1.2 billion.
Long-term enhancement in profitability in line with
previously announced Valora 4 Growth objectives
achievable
Valora's new network of nearly 1,500 units in Germany means
that the Group has now already largely exceeded its growth
target of operating some 1,000 German small-scale kiosk
outlets by 2015. Current projections indicate that gradual
transformation of the new units to the proven
Valora/tabacon franchise concept, streamlining the network
so as to achieve a clear focus on three core brand formats
(k kiosk, CIGO and ServiceStore DB), a marked expansion of
the convenience store product range (in the areas of food,
beverages and confectionery) and increased promotion
activities will enable Valora to generate a substantial
increase in the units' profitability by 2015. Further
streamlining of operations will also help Valora to achieve
major cost savings and economies of scale over the next few
years, raising CC's EBITDA from some € 12 million in 2011
to more than € 20 million in 2015.
Strategic ties to Lekkerland to be strengthened
Hitherto, Lekkerland Deutschland GmbH & Co. KG had grouped
its German retail activities together under its CC
subsidiary. As part of this transaction, Valora and
Lekkerland will extend and strengthen their strategic
partnership. Lekkerland will continue to supply the 1,300
existing CC outlets for a further five years. Lekkerland's
contract to supply its range of food products to the
Valora-operated railway station bookstores has also been
extended and Lekkerland will supply this product range to
Valora's tabacon units as well. Valora will also benefit
from the category management know how of Germany's largest
convenience wholesaler. Michael Hoffmann, CEO of Lekkerland
AG & Co. KG, expressed his satisfaction with the
transaction with these words, "Lekkerland will now
concentrate on wholesale, category management, logistics
and services. By supplying and advising these units in the
context of our enhanced strategic collaboration with
Valora, we will be working together to ensure the further
enhancement of the results generated by the CC outlets."
The Valora Group's CEO, Thomas Vollmoeller, added,
"Acquiring Convenience Concept is an excellent opportunity,
making it possible for us to achieve the growth and
profitability objectives we have set for our retail
business by 2015".
More information you will find in the attached press release...
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