Vasilitsi buys Superhome Center stores

by | Feb 4, 2025 | Business

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Greek company Vasilitsi DIY Ltd has reportedly acquired Cypriot chain Superhome Center for the price of 94 million euros, following approval by the board of directors of the latter’s owner, Ermes Department Stores Plc.

Superhome was established in Cyprus in 1998 and has since been active in the retail sale of home improvement and DIY products through six stores in all cities.

The transaction includes the sale of the 51% stake in Superhome Center DIY held by Ermes, as well as the sale of the remaining 49% stake held by Secora BV.

The purchase price of €94 million will be reduced by €3.74 million for Superhome’s bank liabilities and €3 million for projects that Superhome will carry out at its stores.

The net total value of the 100% stake being sold is €87,260,165. Of this amount, €10 million will remain in escrow until certain conditions of the agreement are met, which are expected to be completed in three to five years.

If these conditions are not met within six years of the share transfer date, or if other events occur that are detailed in the agreement, this amount will be deducted from the sale price and will no longer be payable by the sellers.

 

https://www.ekathimerini.com/economy/1260439/vasilitsi-buys-superhome-center-stores/

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