European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Consumer

METRO sells its Belgian operations

by Marie Weil
June 15, 2022
A A
Share on LinkedinShare on Twitter
Having undertaken an extensive review of the available options, METRO AG has decided to sell its Belgian operations MAKRO Cash & Carry Belgium N.V. to Bronze Properties S.à r.l.
  • METRO aims for leading market positions in wholesale
  • Belgian operations do not form part of METRO’s sCore growth strategy despite significant efforts to improve performance
  • METRO has therefore taken the decision to sell operating business (METRO and MAKRO Belgium) to investor Bronze Properties S.à r.l.
  • Transaction was signed and closed today
  • Real estate portfolio (11 stores) will remain with METRO AG
  • Transaction will lead to approx. €150 million transaction loss and approx. €20 million recurring EBITDA uplift
  • METRO confirms its sales and EBITDA adjusted outlook for FY 2021/22 and the mid-term targets

METRO aims to achieve the market position as a leading food wholesaler. Having undertaken an extensive review of the available options, METRO AG has decided to sell its Belgian operations MAKRO Cash & Carry Belgium N.V. (including METRO and MAKRO sales lines as well as METRO Delivery Service N.V.) to Bronze Properties S.à r.l.. The company is a portfolio investor that has teamed up with retail specialist and financing partner GA Europe. The transaction was signed and closed today. Both parties have agreed not to disclose the financial terms of the transaction.

MAKRO Cash & Carry Belgium N.V. has been operating since 1970 and today has 17 stores and approx. 2,000 employees. MAKRO caters to end consumers while METRO focuses on professional HoReCa customers. In addition, METRO Delivery Service operates the food service delivery business.

The divestment of the Belgian operations will result in approx. €150 million one-off transaction costs in Q3 2021/22 and an average recurring EBITDA uplift of approx. €20 million on group level. The real estate portfolio of 11 sites (without the Liege site which formed part of the transaction) will remain with METRO AG.

MAKRO Cash & Carry Belgium has faced significant pressures over a number of years and operates in a very competitive market which has resulted in declining sales and negative profitability. Through steady capital injections and investments in expansion and remodellings, in a relevant triple-digit million Euro amount, METRO has continuously provided financial assistance to the Belgian operations in order to improve performance. In the financial year 2020/21 the business achieved total sales of €646 million and adjusted EBITDA was negative.

“Within METRO’s sCore growth strategy that defines key areas of sustainable growth leading up to 2030, we have carefully and comprehensively evaluated the options available with respect to our Belgian operations. We have subsequently taken the decision to sell our Belgian operations to Bronze Properties S.à r.l.”, said Dr Steffen Greubel, CEO of METRO AG. “On behalf of our Management Board, I extend my sincere appreciation and thanks to our Belgian colleagues for their hard work and strong commitment in serving our customers over the past 50 years.”

METRO AG will offer certain transitional services and licenses as part of the transaction to enable the new owner to operate the business.

The transaction effects have no impact on the METRO outlook as they are treated as transformation costs resulting from a portfolio measure. METRO therefore confirms its sales and EBITDA adjusted outlook for FY 2021/22 (current year and prior year will not be adjusted for Belgium) and the mid-term targets.

Tags: < Invest

Related Industries

Consumer

Kimberly-Clark Professional Launches Wind Farm With Octopus Renewables Infrastructure Trust To Supply 80% Of Its UK Electrical Power Needs

September 13, 2023
Consumer

Beiersdorf appoints OMD as single media agency and transformation partner for Europe and North America

September 2, 2023
Consumer

L’Oréal completes acquisition of Aesop

August 31, 2023
Consumer

Amazon Logistics employees in action for European flood victims

August 17, 2023
Consumer

LG to Share Vision for a Sustainable Life at IFA 2023

August 9, 2023
Consumer

The Single Market at full potential: Making Europe sustainable, prosperous, and strong

August 2, 2023

Bringing the power of Dow innovation to Labelexpo Europe 2023

September 6, 2023

...

Aramco and Stellantis collaboration indicates eFuel compatibility with European engine families

September 6, 2023

...

Ericsson and M1 partner to deploy the new generation of 5G routers to enable a future- ready mobile transport network

September 1, 2023

...

BYD Brings eTruck Innovation to The Netherlands

September 21, 2023

...

Dr. Jost Reinhard appointed new head of Investor Relations at Bayer

September 20, 2023

...

Sustainability, plasticizer, plastics, Mesamoll, sustainable raw materials, reduced product carbon footprint,  PCF

Mesamoll plasticizer from LANXESS now even more sustainable

August 29, 2023

...

Henkel unveils its first world-class Battery Engineering Center in its Inspiration Center Duesseldorf

September 5, 2023

...

Manja Greimeier Appointed New Head of Original Equipment for Continental’s Tires Group Sector

September 1, 2023

...

Kimberly-Clark Professional Launches Wind Farm With Octopus Renewables Infrastructure Trust To Supply 80% Of Its UK Electrical Power Needs

September 13, 2023

...

REVEL secures €115 million to boost its car subscription business in Spain

September 16, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist