Private equity firm in deal with Ahold
April 23, 2008
by Eric Schroeder
AMSTERDAM, THE NETHERLANDS — CVC Capital Partners, a global private equity and investment firm based in Luxembourg, has reached agreement to acquire a 73.2% stake in Schuitema n.v. from Ahold. Schuitema is a wholesale organization that supplies groceries and services to supermarket chains in The Netherlands.
As part of the transaction, Ahold will obtain a 20% indirect interest in Schuitema. The enterprise value for 100% of Schuitema on which the sale has been based, is €950 million ($1,509 million). The total transaction consists of 58 stores, real estate, and a cash amount of approximately €185 million ($293.9 million), Ahold said.
According to Ahold, the acquired stores will be converted into Albert Heijn stores. The transfer of the stores from Schuitema to Albert Heijn is expected to start at closing and conclude before the end of the year.