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Published: 16 april 2012 18:07

Spain’s competition watchdog clears Maxima's purchase of Cash Diplo stores

Šarūno Mažeikos/BFL nuotr. / Maxima

Spain’s competition regulator has cleared the purchase of Cash Diplo, a chain of stores owned by Spain’s Dinosol, by Lithuania’s VP Grupė, the owner of the Baltics biggest retail chain Maxima.

Agile Finance, an investment company that is related to VP Grupė, got a respective permission last Wednesday, the regulator said on its website. The deal is the second acquisition by Agile Finance in Spain.

Aurimas Zimnickas, Agile Finance CEO, told BNS earlier that the Cash Diplo chain included 36 stores on the continent and in the Canary Islands, and it employed a workforce of 350.

Late in March, Spain’s competition regulator cleared the purchase of Supersol, another chain of stores owned by Dinosol, by Agile Finance. A deal on the sale of Supersol chain was signed between Agile Finance and Dinosol early in March.

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.

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