Dutch retailer Jumbo Groep Holding has announced that it is set to acquire rival supermarket chain C1000 from private equity firm CVC Capital Partners.
The €900m deal will reportedly make Jumbo the second-largest supermarket chain in the Netherlands, holding an overall 23 per cent share of the market with 725 stores and an annual revenue of €7.5bn.
A statement on the Jumbo website said that the management of C1000 was fully behind the merger.
According to Jumbo management, the deal is expected to close in the first quarter of 2012, and is completely financed by an all-Dutch banking consortium made up of ABN Amro, ING NV and Rabobank.
'This is our family business and is a unique opportunity for our growth ambitions ito become reality,' said Frits van Eerd, CEO of Jumbo. 'With this we take second place in the Dutch retail market. I'm impressed with what C1000 has achieved in recent years, and we are confident that together we will be successful.'
Tom Heidman, CEO of C1000, agreed: 'I cannot think of better scenario. I am convinced that the C1000-entrepreneurs feel at home in this combination with Jumbo.'
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