Delhaize Group's Alfa-Beta Closes Plus Hellas Acquisition
The results of Plus Hellas will be consolidated in Delhaize Group’s results from April 1, 2008. Delhaize Group will convert the Plus Hellas stores to Alfa-Beta banners.
02/04/08 Delhaize Group, the Belgian international food retailer, announced that it has completed the earlier announced acquisition of the Greek retailer Plus Hellas through its subsidiary Alfa-Beta Vassilopoulos. The 34 Plus Hellas stores and a new distribution center will reinforce the position of Alfa-Beta in Greece, particularly in Northern Greece where it had a limited presence.
“We look forward to serving our new customers of Plus Hellas and welcome its employees in the Alfa-Beta family,” commented Kostas Macheras, Chief Executive Officer of Alfa-Beta. The Plus Hellas network consists of 34 new stores (average selling area of 795 m2) and a modern distribution center (36,000 m2), including real estate ownership of 11 stores and the distribution center.
Alfa-Beta has acquired Plus Hellas for an amount of EUR 69.5 million, subject to contractual adjustments. The results of Plus Hellas will be consolidated in Delhaize Group’s results from April 1, 2008. Delhaize Group will convert the Plus Hellas stores to Alfa-Beta banners.
Alfa-Beta is the second largest food retailer in Greece. At the end of December 2007, Alfa-Beta’s network consisted of 159 stores under the banners Alfa-Beta, AB City Market, ENA cash & carry, AB Foodmarket and AB Shop n’ Go. In 2007, Alfa-Beta realized EUR 1.2 billion revenues, EUR 37.0 million net profit and it employed 7,545 people.
