Retail grocery chain Stokrotka signed an agreement to take over 14 grocery stores that are operating in Poland in the Masovian Voivodeship. The transaction is planned to be completed until the end of 2022, subject to certain conditions to be fulfilled according to the agreement, including antitrust approval.
Target sales of 14 stores operations to be taken over are expected to reach more than EUR 25 million. Stokrotka is a Polish grocery retail chain and at the end of 2021 operated over 800 own and franchised stores, its turnover amounted to over EUR 1 billion. Stokrotka belongs to Maxima Grupė since 2018.
“Following the takeover of eight stores which was finalised at the end of 2021, the recently signed takeover of 14 stores in the area of Masovian Voivodeship will further strengthen our position in the region and allow us to expand in addition to the planned organic growth”, says Arūnas Zimnickas, Managing Director and President of the Management Board of Stokrotka.
“Despite challenging times, we believe in this region in terms of both security and growth opportunities. Therefore, we are further investing and were able to carry out a second acquisition within one year time frame. The transaction contains real estate element, which corresponds to our direction of strengthening real estate portfolio. We are keeping our focus to expand in the Polish market, both through organic growth and M&A activities with the main criteria that it would be a good fit within Stokrotka’s business model. Arūnas Zimnickas with his team are doing a great job, managing to maintain the expansion of the chain by almost hundred stores a year“, says Mantas Kuncaitis, Maxima Grupė CEO and Chairman of the Board.
Maxima Grupė owns the retail chains Maxima (in the Baltic countries), Stokrotka (in Poland), and T-Market (in Bulgaria), as well as e-grocer Barbora operating in the Baltics and Poland. As at the end of 2021, Maxima Grupė owned over 1,400 stores in 5 countries and its turnover amounted to EUR 4.5 billion.
The company is part of the Vilniaus Prekyba group, which controls and manages the group of subsidiary companies operating chains of retail stores and pharmacies as well as real estate development and property management companies in the Baltic States, Sweden, Poland and Bulgaria.
Head of Legal Services, MAXIMA GRUPĖ, UAB