Germany's largest food retailer Edeka has confirmed its intention to keep expanding its store network during the next year with the acquisition of Ratio Group, a company which owns 12 shopping centres and eight cash & carry wholesale centres located mainly in the country's Lower Saxony and Ruhr regions.
The deal, which follows Edeka's announcement earlier this week that it intends to add around 200 outlets to its network of independently run stores across Germany during 2011, is subject to approval by the country's competition authorities.
'With this acquisition we have further consolidated specifically in terms of sales area,' said Edeka CEO Markus Mosa. 'The acquisition strengthens our core business of markets operated by independent food retailers.'
'With the Edeka Group we have found the ideal operator for our properties and tenants,' commented Hendrik Snoek, managing partner of the Ratio Group. 'It is very important for us to offer our employees a long-term outlook.'
Ratio Group, whose origins date as far back as the 18th century, currently has 2,100 employees and last year achieved sales of €600m.
