Cyprus’s leading DIY retail chain Superhome Center has been acquired by Vasilitsi DIY Ltd in a deal worth 94 million euros ($101 million), the companies announced on Thursday.  The transaction involves the complete acquisition of Superhome Center, with Ermes Department Stores Plc selling its 51% stake and Dutch-registered Secora BV disposing of its 49% holding.  The final transaction value stands at 87.26 million euros after accounting for 3.74 million euros in bank obligations and 3 million euros allocated for store improvements, according to a statement from Ermes Department Stores.  Current CEO George Tziovanni will continue to lead the company along with his existing management team, Superhome Center said in a separate statement.  The deal includes a contingent consideration of 10 million euros, which will remain in escrow for three to five years, subject to specific performance conditions.  Superhome Center, established in 1998, operates six stores across Cyprus and has shown consistent profit growth, reporting net earnings of 7.4 million euros in 2023, up from 6.8 million euros in 2022 and 4.6 million euros in 2021.Ermes will receive 39.4 million euros for its 51% stake and plans to use the proceeds to repay 33.6 million euros in bank loans and other debt obligations within the CTC Group.The share transfer and payment of 77.26 million euros are expected to be completed by the end of February 2025, subject to terms and conditions specified in the sale agreement.  Although Ermes will record an accounting loss of 12 million euros, the company said it will realise an actual gain of 30 million euros compared to the acquisition cost. (ICE BEIRUT)

Fonte notizia: in-cyprus