Ica Group’s divestment of the home and kitchen supply chain Cervera has now been completed. The purchase price amounted to 160 million SEK.
ICA Gruppen, which announced on 16 March that an agreement had been signed with Accent Equity 2012 to sell Cervera, has now completed this deal following approval from the Swedish Competition Authority.
After a conditional shareholder dividend to ICA Group of SEK 35 million, the remaining consideration will be divided between Ica Group and minority owners according to their holding percentage. Ica Group will obtain a positive cash flow effect of 135 million SEK and a capital loss of 10 million, after deduction for transaction costs.
“The divestment of Cervera is in line with the strategy adopted by ICA Gruppen in autumn 2013 which means that we are focusing our non-food offering. With this transaction, together with the divestment of Kjell & Company in May 2014 and the sale of Forma in October 2014, we have now completed this process,” says Ica Group’s CEO, Per Strömberg.
Today, Cervera has a nationwide retail network consisting of approximately 70 stores.
Cervera’s sales amounted to 745 million SEK in 2014. ICA Group’s holding in Cervera amounts to 91.4%. Other shareholders are selling their shares in this transaction on the same terms.