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Spain: Grupo Dia, operating discounter DIA, sells Clarel drugstore

Updated: Dec 29, 2022

Portugal-based private equity firm C2 acquires Spanish Clarel drugstore from Grupo Dia. DIA wants to focus solely on proximity food retailing.

The deal includes all 1,015 Clarel stores and three distribution centres in Spain.

Dia has decided to sell its perfume chain Clarel to C2 Private Capital for 60 million euros, with an expected negative accounting impact of 22.5 million euros in its consolidated income statement at the end of December 31, 2022, as announced by the company to the National Securities Market Commission (CNMV). Specifically, the agreement reached between the parties includes, among other assets, 1,015 Clarel stores distributed throughout the country and three distribution centers.

The amount that Dia Retail, a subsidiary of Dia, will receive for the operation and that may vary depending on certain parameters is estimated at around 50 million euros net, to which is added a debt of 10 million, which would result in total funds of 60 million euros.

The price will be payable in cash to Dia Retail at different times according to the milestones established in the contract. The company plans to allocate the resources obtained to accelerate the implementation of its strategic plan by completing the process of remodeling the proximity stores of its current network in addition to the acceleration of new openings within this same format.

"Proximity is the essence of Dia and our great lever of success. In this new stage of acceleration of growth, we want to focus and effort on what we know how to do best: local food distribution," said the CEO of Grupo Dia, Martín Tolcachir. Clarel's business, today, has a positive performance, improving its profitability year after year in recent times, according to the company. "This is a strategic decision. Clarel operates in a very attractive retail sector with great growth potential. Given Dia's strategic orientation, it is best to put Clarel in the hands of new investors who focus on its future development," said Tolcachir.

The operation, subject to the fulfilment of a series of conditions, including obtaining the relevant competition authorization, is expected to be completed by mid-2023 and is part of the strategy of targeting the proximity food distribution business that Dia group is carrying out, "cornerstone since its foundation more than 40 years ago," according to the company. Grupo Dia has been advised by Arcano Partners, Herbert Smith Freehills and Deloitte, while C2 Private Capital has been advised by Baker & Mckenzie.

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