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MIDEUROPA SELLS PROFI TO AHOLD DELHAIZE FOR EUR1.3 BN IN LANDMARK EXIT
LONDON, Oct. 30, 2023 /PRNewswire/ — MidEuropa, a leading European private equity investor with deep roots in Central Europe, today announces that it has entered into an agreement to sell Profi Rom Food (“Profi” or the “Company”), one of Romania’s major food retailers, to Ahold Delhaize for an Enterprise Value of approximately EUR1.3 billion pre-IFRS16 (EUR1.8 billion post-IFRS 16).
Profi is Romania’s leading convenience and proximity supermarket chain offering high-quality local products to people across the country’s cities and countryside. The Company operates through a network of more than 1,650 stores and generated revenues of more than EUR 2.5 billion in the twelve months ending June 2023. Following MidEuropa’s acquisition of Profi in 2017, the Company has become the largest supermarket chain in Romania (based on number of stores) and one of the fastest-growing retailers in the country, successfully adding over 1,100 stores and increasing sales by more than 3.3x.
This development demonstrates MidEuropa’s success in driving sustainable growth and building national champions by leveraging its retail and technology experience, deep pan-European network and operational value-add capabilities. The sale is MidEuropa’s fourth liquidity event in 2023, following the partial exit of its investment in the software company Symfonia and the e-commerce marketplace Allegro, as well as the full exit from the healthcare provider Kent. These transactions underscore the positive investor sentiment towards Europe and reaffirm MidEuropa’s position as a leading dealmaker in Central Europe, a region with strong fundamentals and continuing growth potential.
MidEuropa’s sale of Profi to Ahold Delhaize marks the largest grocery deal ever in continental Europe involving private equity. Furthermore, the deal makes regional history as the largest grocery deal ever in Central and Eastern Europe.(1)
Robert Knorr, Managing Partner at MidEuropa, commented: “The sale of Profi is our second EUR1bn plus exit in the retail sector in Central Europe, following our success with Zabka, where we built a Polish convenience champion. The sale to Ahold Delhaize validates the clear strategic value we have added to Profi and represents yet another milestone for MidEuropa as we once again deliver attractive returns and significant liquidity to our investors. The sale of Profi is also a very important exit for the Central European region which continues to be home to some of the most compelling growth companies in Europe.”
Aleksandar Dragicevic, Principal at MidEuropa, added: “Profi is a great business which has grown into a true national champion in Romania and attracted a global strategic investor. The relentless focus of Profi’s management on value-adding customer proposition and experience supported Profi’s brand development, impressive expansion and like-for-like growth. We are delighted to have been a part of Profi’s journey and wish the team every success as part of the Ahold Delhaize family.”
Alain Beyens, Operating Partner at MidEuropa, commented: “Since our acquisition of Profi in 2017, our operating team has deployed operational know-how, a value-creation toolkit and our network of experts and operators, helping the Company to grow and invest in the store network and logistical backbone as well as to significantly increase its digital presence and capabilities. We are confident in the continued future potential of the Company under its new ownership.”
Ahold Delhaize is one of the world’s largest food retail groups and a leader in both supermarkets and e-commerce. Its family of local brands serves 60 million customers each week, both in stores and online, in the United States, Europe, and Indonesia. In Romania, Ahold Delhaize operates a nationwide network of 969 stores, under the Mega Image brand. The combination will complement and expand Ahold Delhaize’s Romanian footprint to better serve both urban and rural areas, creating a strong offering for Romanian consumers.
The transaction was executed by Aleksandar Dragicevic, Dragos Ardelean, Valentina Giambasu and Ivo Cavrak. Advisors to MidEuropa included: Citigroup Global Markets Limited* (financial adviser), White & Case and RTPR (legal counsel), Ernst & Young (financial and tax), and Beragua (commercial).
The transaction is subject to customary regulatory approvals and is expected to close in 2024.
(1) Based on Mergermarket
About MidEuropa
MidEuropa is a leading European private equity investor with deep roots in Central Europe and a long-term track record spanning approximately 25 years. Headquartered in London, with a presence in Warsaw, Bucharest, Budapest, Prague and Zagreb, MidEuropa adopts a flexible pan-European and global approach to identify winning investments across the healthcare, technology, services and consumer sectors. MidEuropa works collaboratively with talented founders and management teams to support and facilitate sustainable growth through buy & build, organic growth acceleration, digital transformation, sustainability leadership and international expansion, to drive transformative growth and build industry champions. To date, MidEuropa has raised and managed funds of over EUR 6 billion, and completed 45 investments and over 240 add-on acquisitions across 18 countries.
Media contacts
MidEuropa
London
Lucy Eyles
Citigate Dewe Rogerson
[email protected]
07525 951207
Romania
Miruna Badea
Grayling
[email protected]
+40 749 169 203
Poland
Zuzanna Pydzikova
Grayling
[email protected]
+48 603 300 185
About Profi
Profi is a leading Romanian proximity grocery retailer, with a network of more than 1,650 stores across Romania, supported by six distribution centres. Profi has over 28,000 employees across the country and generated revenues of over EUR 2.5 billion in the twelve months ending June 2023. Over the last six years, Profi has successfully implemented an expansion strategy, propelled by investments in infrastructure, digitalisation and HR. During this period, Profi also significantly increased its digital presence and capabilities with the development of a mobile app that has almost 2 million users.
*Citigroup Global Markets Limited (“Citi”), which is authorised by the Prudential Regulation Authority (“PRA”) and regulated in the UK by the Financial Conduct Authority (“FCA”) and the PRA, is acting as financial adviser for an entity owned by funds advised by MidEuropa and for no one else in connection with the matters described in this announcement (the “Transaction”) and will not be responsible to anyone other than such entity for providing the protections afforded to clients of Citi nor for providing advice in connection with the Transaction, or any other matters referred to in this announcement. Neither Citi nor any of its affiliates, directors or employees owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, consequential, whether in contract, in tort, in delict, under statute or otherwise) to any person who is not a client of Citi in connection with this announcement, any statement contained herein, the Transaction or otherwise.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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