Ahold Delhaize buys Romania's Profi chain from MidEuropa for €1.3bn

Ahold Delhaize buys Romania's Profi chain from MidEuropa for €1.3bn
/ profi.ro
By Iulian Ernst in Bucharest October 30, 2023

Global food retailer Ahold Delhaize, which already operates the Mega Image brand in Romania, announced on October 30 that it has reached an agreement to buy Romanian retail chain Profi from private equity firm MidEuropa, for €1.3bn pre-IFRS16 (€1.8bn post-IFRS 16).

The deal is the largest exit by a private equity fund in the food segment in Central and Eastern Europe.

The transaction is subject to approval by the competition authorities and is estimated to be completed in 2024.

Profi operates the most extensive retail chain in Romania in terms of outlets and is the third-largest retailer in the country by turnover (RON11.7bn in 2022) after Lidl (RON18.5bn) and Kaufland (RON16.0bn). Its network counts more than 1,650 stores, distributed in four formats, and it reported a turnover of more than €2.5bn in the 12-month period ending at the end of June 2023.

Mega Image is the sixth-largest player by turnover (RON8.7bn).

Delhaize said it will add Profi to its family of brands, meaning there will be no integration of the two chains — which each operates a series of formats.

"Romania is an attractive market, with a development supported by solid investments. We are happy to continue to contribute to the development of the local food retail market, now also with Profi, which has become part of our Ahold Delhaize family of brands,” the company said. 

The stores in the Profi network will expand and complement the existing network of Mega Image stores.

“We have substantial experience in developing best practices, as well as integrating into the local culture, and we are confident that through this acquisition we will be able to bring even more value to the communities we serve in Romania," said Jesper Lauridsen, COO Central Europe and from the East, Ahold Delhaize.

Ahold Delhaize is one of the largest food retail groups in the world and a leader in both the supermarket and e-commerce segments.

In Romania, Ahold Delhaize operates a national network of 969 stores, which operate under the Mega Image brand.

BofA Securities and Goldman Sachs were financial advisors to Ahold Delhaize, while CMS and GNP Guia Naghi & Partners acted as legal advisors. 

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