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Kingfisher to acquire the 27 Praktiker stores in Romania

Praktiker Romania

Kingfisher has confirmed that it has signed an agreement for the acquisition of the Praktiker retail business in Romania for an undisclosed sum. Under the agreement Kingfisher will buy all Praktiker Romania shares from the Susli family, it said in a press release.

The family bought the local operations of the retailer three years ago, after its German parent entered insolvency.

"We are pleased because we have managed to grow the business up to this level, Praktiker being one of the main players in the DIY market in Romania, with a turnover of some 140 million euro ($165.4 million) in 2016 and 27 stores In 23 cities. Moreover, we are proud that Romania is an interesting investment destination for a leader in the European DIY and interior design market " one of Praktiker Romania's owners, Omer Susli, said.

Kingfisher currently operates 15 stores under the Brico Depot brand in Romania and employs 900 people. The transaction, which is pending the approval of the country's anti-trust body, will increase Kingfisher's presence in the country to 42 stores.

"Romania has an increasingly attractive DIY and interior design market and we always had the intention to increase our market share in the medium term," Brico Depot Romania CEO Adela Smeu said.

Back in April 2013, Kingfisher acquired Bricostore's 15 home improvement stores in Romania from the French retail business Group Bresson.

Kingfisher operates nearly 1,200 stores across 10 countries in Europe, employing over 77,000 team members.

Source: Insight DIY Team

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11 August 2017

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