Stockholm, Jan. 28 - On 5 December 2007 Axfood signed an agreement to acquire the family-owned company PrisXtra. One condition for completion of the deal was that the Swedish Competition Authority would not have any objections. The Competition Authority has not made any conditions on the deal, and the acquisition was completed on 28 January.
Since the start in 1991, PrisXtra has built up a strong brand and a successful chain of stores in the Stockholm market. The company’s mission is to “give all Stockholmers the most rewarding and trendiest food experience at the lowest price”. This is well in line with Axfood’s intention to develop and operate successful food concepts based on clear and attractive customer offerings.
Axfood will continue to operate PrisXtra as a separate company within the Axfood group and Magnus Lundin will stay on as the company’s CEO. All employees will be offered continued employment.
PrisXtra Förvaltning AB’s financial year is September – August and preliminary sales for the year that ended on 31 August 2007 totalled SEK 706 million.