Lisbon, July 11, 2024 (Lusa) - Sonae has finalised the merger of the Spanish businesses Druni and Arenal, a partnership in the health, beauty and wellness sector in Spain, with a turnover of over one billion euros, it announced on Thursday.
In a statement sent to the Portuguese Securities Market Commission (GMVM) today, Sonae stated that "its subsidiary MCretail, SGPS, acquired a 50% stake in Druni in exchange for its 60% stake in Arenal Perfumerias, together with an investment of around €148 million and a conditional amount of up to €36 million to be paid in 2025 and 2026".
At the same time, it added that Arenal's founding shareholders sold their 40% stake in the company to Druni for €81 million.
"The combined entity is now a 50-50 partnership between MC and the founding shareholders of Druni" and it "will be fully consolidated by MC and Sonae, as a result of the rights contemplated in the shareholders' agreement", says Sonae.
The Portuguese company also states that "this partnership allows MC to significantly strengthen its position in the health, beauty and wellness segment, one of its main strategic pillars, leveraging the joint assets and competences of Druni and MC (particularly Continente, Wells and Arenal)".
"For Sonae, this transaction represents an important strategic milestone in increasing the Group's international exposure and diversification in a retail segment with strong growth trends, ensuring a leading market position in partnership with a leading management team in the sector," the statement said.
Druni and Arenal reached a combined turnover of more than one billion euros in 2023, with a national coverage based on a network of more than 470 shops and a strong presence in the online channel, says Sonae, noting that Druni has shown a remarkable operational performance, significantly outperforming the market, with a turnover of €791 million and an EBITDA of €78 million in 2023.
Druni is a perfumery, cosmetics and parapharmacy retail company with a network of 377 stores in Spain, predominantly in the communities of Valencia, Catalonia and Madrid, and an expanding online channel.
Founded in 1987 and wholly owned by the Casp family, Druni generated a turnover of around €575 million in 2022 and an EBITDA (earnings before tax, interest, depreciation and amortisation) of €40 million.
Arenal Perfumerias SLU is also a perfumery, cosmetics and parapharmacy retail company with a network of 66 shops located mainly in northern Spain, which also has an online operation.
Founded in 1975, Arenal was, as of January 2019 60% owned by MC and 40% by its founding shareholders, generating a turnover of €192 million and an EBITDA of €20 million in 2022.
Sonae daid that the conclusion of this operation comes "following the announcement on 6 June 2023, that after approval by the Spanish Competition Authority, its subsidiary MCretail, SGPS, SA ("MC") concluded the transaction for the combination of Druni SA ("Druni") and Arenal Perfumerias SLU ("Arenal")".
MC/ADB // ADB.
Lusa
