Lithuanian Grocery Giant Maxima Set For Polish Expansion

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Lithuania‘s Maxima Grupe (Maxima Group), the leading Baltic food retailer, with a firm footing in Latvia, Estonia, Poland as well as Bulgaria, has signed an investment agreement to acquire Stokrotka, a chain of 410 convenience stores in Poland.

The Maxima Grupe is looking to buy Emperia Holding, which has a controlling stake in Stokrotka at a price of 100 zloty (23.77 euros) per share. The deal is likely to total around 283 million euros.

“This is a big deal in the regional groceries market,” Sigitas Besagirskas, a prominent Lithuanian economist and president of the Vilnius Industry and Business Association told Emerging Europe. “Maxima has been an outstanding company Baltics-wise, with very smart and robust marketing and the continuing resolve to expand into new markets.“

The Lithuanian retailer already owns the Aldik retail chain in Poland.

Petras Jasinskas, chairman of the management board at Maxima Grupe, said in November that the tender offer would be open until the end of February 2018. “We strongly believe that we will successfully close this deal and acquire control of the company,” he said in a press release.

Emperia CEO Dariusz Kalinowski is quoted by Polish media as saying that “Maxima was selected as a strategic investor for Emperia in an open and competitive process. We believe Maxima is an ideal match for us, an investor that will support further growth of the company…Emperia will be a growth platform for Maxima on the Polish market.” Stokrotka opened a record number of stores in 2017 and plans on opening a further 100 new stores in 2018.

Maxima Grupe currently controls retail chains under the brand names Maxima in the Baltics states, Aldik in Poland, T-Market  in Bulgaria and an online food and daily consumer goods store called Barbora. In 2016, consolidated turnover of Maxima Grupe amounted to 2.6 billion euros.

Speaking to Emerging Europe this week, Ernesta Dapkiene, head of Maxima Grupe Communications, said that for the deal to happen, all that was needed was clearance from Poland‘s competition watchdog, UOKiK, or Urząd Ochrony Konkurencji i Konsumentów. Maciej Chmielowski at UOKiK’s press office told Emerging Europe this week that proceedings were “still ongoing.“

“The Polish competition authority hasn’t made a decision yet,“ he said. He did not elaborate as to when the decision could be expected.

Meanwhile, Lithuania‘s competition authority, Konkurencijos Taryba, has recently given the greenlight to the merger of two of the country’s top-five grocery chains, Rimi Lietuva and Palink.

“There is an obvious trend of consolidation in the grocery retail market in the region. In Lithuania, it is partly due to the arrival of Lidl, the German food chain known for its low prices,“ Mr Besagirskas said.

This year, Nerijus Numavicius, a shareholder of Maxima Grupe, acquired a 9.9 per cent stake in McColl‘s Retail Group for 33.6 million GBP. McColl’s operates a network of nearly 1300 McColl convenience stores in the United Kingdom.

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Baltics Seek Lockstep With High Tech States

Euro money: Macro view of euro coin and bill. Suitable for financial, monetary, euro or European Union concepts and ideas

Romanian Cyber Security Firm Valued at 600 million US dollars in Private Equity Swoop

cyber security

WEF: Emerging Europe Ready for the Future

robotic machine tool in industrial manufacture plant,Smart factory industry 4.0 concept.

IMF Urges Croatia to Speed Up Reform

croatia

Still Potential for Growth in CEE as Economies Stabilise

Moldova Launches New e-Procurement System In Search For Positive Change

Photo team work process, holding contract hand, signs documents. Account managers young crew works with startup project.New idea presentation, analyze marketing reports.Blurred, film effect, horizontal.

Continental Launch Largest Ever Lithuanian Greenfield Investment

kaunas lithuania

Valga and Valka – Where Estonia and Latvia Work Together

Valga valka emerging europe

Azerbaijan Showcases ICT Potential

BAKU AZERBAIJAN - SEPTEMBER 25: People goes by the seafront of Baku on September 25 2016. Baku is a capital and largest city of Azerbaijan.

Serbia, Belarus and Ukraine Ranked Lowly by Wharton Business School

Kyiv Ukraine - April 172017: The postal square in Kiev on Podol the Dnipro river. view of the square from the river panorama

Latvian Deputy Prime Minister Highlights Riga’s Potential

riga

Ukraine’s Q2 Growth Climbs

kyiv ukraine emerging europe

Ukraine to Make New Privatisation Push

Mixed Results for Emerging Europe in New WEF Equality Report

wef

EBRD Transition Report Highlights Financial Sector Resilience

Baku

Efficient Innovation: Entrepreneurship in Bulgaria

Beautiful photos of modern buildings under blue sky. Europe, Bulgaria, Sofia.

Budapest’s Property Boom Goes Nationwide

building

Chris Lowney — What Jesuit Spirituality Can Teach Us About Global Leadership

CEE Playing Catch Up on R&D Spending

science, r&d

Czech Election Result Could Delay Euro Adoption Until 2025

czech banknotes nominal value two and five thousand crowns on white background. 300 000 Kc is approximately 12 450 US dollars (USD) or 11 100 Euro (EUR)

Global Players Dash for Tempting CEE

dollar pound euro coin on euro background.

Georgian PM Reshapes and Reshuffles Cabinet

Giorgi Kvirikashvili

Belarus’ Economy Is Slowly Recovering From Past Declines

Cabinet Reshuffle In Poland Sees Controversial Ministers Axed

Bulgaria and Romania Get EBRD SME Boost

Startup Diversity Teamwork Brainstorming Meeting Concept

Poland & Ukraine Should Join Outsourcing Forces

outsourcing

Hungary Today: Potential and Challenge

Chain bridge on Danube river in Budapest city. Hungary. Urban landscape panorama with old buildings and domes of opera

Japanese PM Announces Western Balkans EU Initiative

TOKYO JAPAN - Apr 06 2016: Japanese Prime Minister Shinzo Abe during his meeting with President of Ukraine Petro Poroshenko in Tokyo

Chinese Electric Car Maker Seeks Emerging Europe Base

zhi dou d2

Romanian Economy Grows Fast in 2017

Brasov cityscape panoramic and aerial view over medieval architecture of Brasov town, in Transylvania Romania

Emerging Europe Makes Some Progress on Closing Gender Gap

world economic forum gender gap report

What Went Wrong in Ukraine – And When?

World Bank: Western Balkans Need to Speed Up Growth For Faster Convergence

world bank

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