Cervera to acquire DUKA’s stores
Press release 6 May 2009
Cervera to acquire DUKA’s stores
Cervera, a portfolio company of listed company Hakon Invest, has signed an agreement to acquire most of the DUKA stores in Sweden as well as NK Glas, Porslin & Kök from CG Duka Retail AB. As a result of this acquisition, Cervera will substantially increase its presence in the Swedish market. The acquisition is in line both with the company’s strategy for expansion and its aim to be Sweden’s most inspiring and modern chain offering products for the kitchen and dining area.
Cervera’s strategy is to achieve strong growth in the years ahead. Today Cervera has 48 stores in Sweden and this acquisition will considerably increase the company’s presence in the Swedish market for kitchen, dining area and gift products. Several DUKA stores enjoy wellestablished business locations and NK Glas, Porslin & Kök is Sweden’s leading retail trading place for glassware, porcelain and kitchenware.
“Everyone who works in retail knows that the fight for the customer takes place in the store. As a result of this acquisition, Cervera will reach a considerably larger number of customers in many more stores,” says Håkan Filipsson, CEO of Cervera AB.
The acquisition comprises the majority of DUKA’s stores in Sweden and the right to the DUKA store brand in the Swedish market, as well as Northern Classic AB which operates NK Glas, Porslin & Kök in prime retail locations in both Gothenburg and Stockholm.
“We are now making an assertive investment in a situation where others are being forced to brake completely. We are convinced that the kitchen and dining area will continue to be important to people, in both good and less good times,” says Filipsson.
“We are very pleased about what this deal will mean for our DUKA stores and our employees given the prevailing market conditions. Cervera and DUKA have always shared an aim to offer their customers a wealth of inspiration, the best service and a wide variety of experiences in the stores,” says Leif West, CEO of CG DUKA Retail AB.
Hakon Invest, Cervera’s largest owner, comments on the acquisition as follows:
“We are in favor of Cervera taking advantage of opportunities that arise in the market. Over the past year Cervera has laid the foundations by developing a new store concept, a new product range strategy and more efficient operation of its stores. This expansion in the numberof stores is a natural next step that will allow Cervera to achieve its long-term targets more quickly,” says Stein Petter Ski, SVP Investments and Portfolio Companies at Hakon Invest. The acquisition is subject to approval from the Swedish Competition Authority and on certain conditions in the agreement being met. The takeover is scheduled for completion in June
2009.
For further information, please contact
Håkan Filipsson, CEO of Cervera AB, +46 761 25 90 01
Stein Petter Ski, SVP Investments and Portfolio Companies, Hakon Invest, +46 8 55 33 99 44
Cervera in brief
The Cervera store chain was established in 1987 and is today one of Sweden’s biggest retailers within the segments glass, porcelain, cutlery, kitchen and furnishings with products from known brand suppliers. Cervera has 48 stores throughout Sweden and employs 154 people. In 2008 the Cervera chain’s wholly owned, partowned and franchise-operated stores had total sales of approximately SEK 550 million. Cervera’s largest owneris Hakon Invest with an 81% stake in the company.
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