Mülheim an der Ruhr, March 3, 2008 – As part of the initiated strategic process the Tengelmann Group has made a decision with respect to its subsidiary of Plus Warenhandelsgesellschaft mbH in the Czech Republic. “After intense evaluation of all options we have decided to sell the subsidiary to the international retail company Rewe Group. I firmly believe that our stores and employees will be in best of hands,” explains Karl-Erivan W. Haub, Managing Partner and CEO of the Tengelmann Group.
Plus has been in the Czech Republic since 1992 and currently operates 146 stores there. With approx. 2,300 employees, the company achieved overall sales of EUR 520 million.
The Rewe Group plans to merge Plus and Penny together in the Czech Republic, thereby creating the number one discount retailer in the Czech market with around EUR 1 billion in sales, about 300 stores and approx. 4,000 employees. Implementation of the merger is still subject to antitrust approval.
The Tengelmann Group is an international trading group whose subsidiaries include Plus, OBI, KiK, Kaiser’s Tengelmann and A & P. The family business was founded in 1867 in Mülheim an der Ruhr and is now managed by the 5th successive generation. With 8,056 branches and 151,753 employees in 15 countries, in its 2006/2007 financial year the Group achieved sales totaling EUR 24.52 billion.
The Tengelmann Group was advised by Alegro Capital in this transaction.