June 2, 2007 / 11:54 AM / in 11 years

Dutch Maxeda sells Hema retail chain to Lion Capital

AMSTERDAM (Reuters) - Dutch privately held retail group Maxeda said late on Friday it had sold its Hema retail chain which earned more than 1.3 billion euros (883 million pounds) in 2006 sales to Lion Capital based in London.

Hema, a household name in the Netherlands, has 355 stores in the Netherlands, Belgium, Germany and Luxembourg.

Financial details of the sale were not disclosed.

Lion Capital, a private equity player, is a specialist in investing in consumer businesses and owns Orangina Group, owner of the Schweppes and Orangina drinks brands in Europe.

“Management of both Hema and Lion Capital are convinced that the agreement provides true added value for all stakeholders as well as a significant growth potential for Hema. Maxeda and Lion Capital expect to finalize the closing before the end of July,” the firms said in a joint statement.

Maxeda, renamed from Vendex KBB in 2006, owns Dutch department stores V&D, womenswear outlets Claudia Straeter and M&S mode, luxury department outlets Bijenkorf, lingerie maker Hunkemoeller and DIY retail chains Praxis, Formido, Brico and Plan-it.

It was acquired by private equity funds Kohlberg Kravis Roberts & Co., Permira, Cinven and Alpinvest Partners NV in 2004 and delisted.

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