21 Dec Blokker Holding announced the sale of Xenos’ German activities
Retail group Blokker Holding has entered into an agreement on the sale of Xenos’ German activities to nonfood retailer TEDi GmbH & Co. KG (TEDi). The transaction is in line with Blokker Holding’s strategy to focus entirely on the Blokker retail chain and divest all other retail companies.
Axeco Corporate Finance is pleased to have advised Blokker Holding
Blokker Holding and TEDi GmbH & Co. KG (TEDi) have reached agreement on the sale of Xenos’ German activities to TEDi. Xenos, the Dutch retail chain in household goods, decoration and fun everyday items has 631 company-owned stores located in Germany. TEDi will take over these German stores and convert them into TEDi branded stores. This process will take place gradually in the next few months. The transaction includes all existing employment contracts.
The intended transaction is in line with Blokker Holding’s revised strategy announced May 16, 2017, to focus entirely on the Blokker retail chain and divest all other retail companies. The takeover of Xenos stores reinforces TEDi’s position as leading non-food retailer in Germany and increases its branch network to 1,800 stores.
Jeroen Visser, CFO Blokker Holding: “This transaction will enable us to provide further focus on Xenos’ Dutch activities. We continue to work on a strong commercial positioning and a sound preparation for the future sale of Xenos Netherlands. The transaction includes all existing Xenos employment contracts in Germany. I am convinced that this is the best possible outcome for all stakeholders and a solid next step in the execution of Blokker Holdings revised strategy.”
Silvan Wohlfarth, Chairman of the Board, TEDi: “The takeover of the German Xenos stores is a great opportunity to realize TEDi’s ambitious growth objectives. In Germany, we aim at opening about 150 new stores per fiscal year, the total number of stores Europe-wide is supposed to grow to 5,000 within the next few years. Assortment and customer approach of Xenos fit excellently with TEDi. Taking over the German Xenos stores also offers us a great opportunity to be situated at top locations.”
Subject to the approval of the transaction by the relevant competition authorities and pending the advice of Blokker Holding’s Central Works Council, the acquisition is expected to be completed before the end of January 2018. Consequently Xenos stores will be converted into TEDi stores within several months.
Xenos, a retail company belonging to Blokker Holding, has been offering its customers a unique mix of original and contemporary products since 1973 related to hobbies, parties, home design/interior design, gifts, and food and drink. The stores sell cosmopolitan, decorative and practical items at surprisingly low prices – sometimes they are a little quirky, at other times they might be tasty or adventurous, but they are always unusually fun. The retail chain employs more than 3,900 people and operates around 260 stores. Xenos Germany has 64 stores and 660 employees, located throughout Germany, but concentration in Nordrhein-Westfalen.
About Blokker Holding
Blokker Holding is a retail group with five retail companies (Blokker, Big Bazar, Xenos, Maxi Toys and Marskramer) specialised in household goods and toys market. Blokker Holding has more than 1,370 stores in eight countries and circa 14,000 employees. On 16 May 2017, Blokker Holding announced its decision to focus entirely on the Blokker retail chain in the Netherlands and Belgium and to sell the company’s other retail companies (at that time: Xenos, Leen Bakker, Intertoys, Maxi Toys and Big Bazar). Retail chain Marskramer will continue as a franchise format and wholesale organisation. In July 2017 Blokker Holding completed the sale of Leen Bakker to Gilde Equity Management. In December 2017 the sale of Intertoys to Alteri investors was completed. Nextail, the online organisation servicing all of Blokker Holding’s retail companies, continues to service Leen Bakker and Intertoys through service level agreements.