14-9-2010
V&D and La Place continue successful growth strategy with Sun European
Maxeda Retail Group B.V. (‘Maxeda’) today announces it has agreed a conditional sale of V&D and La Place to an affiliate of Sun European Partners, LLP (‘Sun European’). The transaction will be subject to a request for advice from the Works Councils and will be discussed with the Unions. It also requires approval from the competition authorities concerned. The transaction is expected to be completed in November.
After a comprehensive review of options – and taking into account the interests of all stakeholders – the boards of Maxeda, V&D and La Place are convinced that Sun European offers the greatest potential for continuing the successful growth strategy of both V&D and La Place.
V&D is an exceptionally strong brand with good growth potential. Under Maxeda’s ownership, V&D has successfully renewed its store concept during the past six years. The increases in both employee and customer satisfaction has resulted in a strong increase in V&D’s market share and financial performance. V&D non-food is now profitable.
La Place plays a leading role in the Dutch foodservice sector, positioning itself as a provider of healthy organic products. Strong expansion and the introduction of new formulas have supported a gain in market share and resulted in solid, sustainable profitability for La Place in a challenging market.
Maxeda has once again shown that constant investments in people, stores and marketing, while developing excellent management teams are key ingredients in achieving the goal of retail leadership.
Mark McKeon, CEO V&D/La Place: “I’m very proud of V&D and La Place and all our employees. In recent years, we’ve built a strong organisation together and we are looking forward to working with Sun European. We’re convinced we will be able to continue our successful growth strategy and strive for market leadership in cooperation with our new partner. La Place will also be able to build further on its strong position. I see a bright future ahead for both V&D and La Place in implementing our exciting growth plans, together with Sun European.”
Paul Daccus, Principal of Sun European, added: "This is a very exciting acquisition for Sun European. Both V&D and La Place are well known household names in the Netherlands with excellent brands. With our experience in the retail and food sectors, V&D and La Place represent a significant opportunity for sustainable growth. We look forward to working with Mark and his entire team to achieve that.”
Tony DeNunzio, Executive Chairman of Maxeda: “With V&D and La Place, we are once again watching successful formats leaving the group. The fundamental steps towards renewal at V&D have been taken and our continuing support for the innovative capabilities of La Place means that these formats are ready to take the next step. We’re convinced that Sun European is the right partner to bring V&D and La Place’s successful growth strategy to full fruition.”