Kingfisher plc has announced that it has completed the acquisition of Praktiker Romania S.A. following receipt of competition approval. Kingfisher entered into a binding acquisition agreement in August 2017 to strengthen its position in the country.
Kingfisher will now own 41 stores in Romania.
In 2013, the British group bought the Bricostore DIY network with EUR 75 million from the French group Bresson. The Bricostore units were rebranded Brico Depot. At the time of acquirement, Ian Cheshire, Kingfisher’s Group Chief Executive, had said: "The Brico Dépôt store model has proved very successful in France and Spain, and we have said before that it has the potential for further international expansion. Expanding Kingfisher’s businesses in existing countries and in new territories is a key part of our ‘Creating the Leader’ strategy and I am therefore delighted to announce this exciting development.
"The home improvement market in Romania has solid growth potential and the stores we are acquiring are in good locations. We are looking forward to offering Brico Dépôt’s low-cost, easy to shop format to trade professionals and serious DIYers in Romania and developing a successful business there."
At the end of August this year, Kingfisher announced that it had signed an agreement to take over Praktiker Romania from Turkish investor Omar Susli, who had become the only shareholder in the company in 2014. The British group now operates 15 Brico Depot stores and 26 Praktiker stores in Romania.
Praktiker Romania recorded a turnover of EUR 139.5 million last year, up 3.3% over the previous year. Its losses amounted to about EUR 2.5 million in 2016.
Kingfisher operates 15 stores under the Brico Depot brand in Romania and has acquired 26 Praktiker Romania stores.