On Monday, Spanish website Europapress.es cited unnamed sources as saying that Agile Finance, an investment company that is related to Maxima, has signed a deal with Dinosol on the purchase of the Supersol chain.
'The new owners will be responsible not only for the continuation of ongoing projects, but also for the implementation of new ideas. That would allow taking a strategic role in the retail trade sector," Dinosol said.
Agile Finance CEO Aurimas Zimnickas confirmed to BNS that the deal has been signed, adding that they are now waiting for regulatory approval from Spain's competition authority. However, he would not disclose how Agile Finance is related to VP Grupė. "This is a commercial secret," he said.
"The agreement has been signed. Now, the competition body is to give the go-ahead for the transaction to take place. Also, other conditions have to be fulfilled," Zimnickas told BNS, adding that the company applied to the Spanish competition authority last week.
Agile Finance's CEO said that he cannot disclose the terms of the deal. He said that the Spanish competition body may take its decision within a month.
Supersol had sales of 578 million euros and EBITDA of 13 million euros at the end of 2009.
Dinosol is one of Spain's largest distribution companies, ranking fifth among the country's shopping centers. The company projected sales of 1.376 billion euros in 2011, down 1.5 percent compared with 2010.
The Spanish retailer came up for sale after its former owner, Permira, pulled out of the business last April. A group of 24 banks, led by Bankia, SocietenGenerale, Lloyds, Alcentra, Indicus and Prudential, now hold a combined stake of 60 percent in the company.
The Maxima Group, which owns a retail chain in the three Baltic countries and Bulgaria, last year posted a 6.5 percent rise in consolidated annual sales to 7.767 billion litas. The group last year invested 219 million litas in business development.