The Dia group has agreed to sell its business in Portugal to the French group Auchan (owner of Alcampo) for 155 million euros, as reported to the CNMV. The operation includes the 489 stores under the Minipreço and MaisPerto brand, owned and franchised, three warehouses, in addition to the contracts, licenses and assets necessary for the operation, the company explained in a statement.
In this way, Dia will leave the country after a “total divestment”. The money obtained will go to cancel and amortize debt and it is not expected that there will be a negative accounting impact with the sale.
Dia billed 596 million euros in Portugal in 2022, 0.5% more than the previous year and 3.7% more in terms of comparable sales. “The company is committed to leaving this market to focus on its strategic focus, local food distribution, in the countries where it has a relevant position,” it is argued in a statement.
“We have entered a phase of consolidation of growth. It is necessary to face the current scenario and simplify the perimeter of the Dia group”, pointed out Martín Tolcachir, CEO. “The decision has not been easy, but it is the right one to focus our efforts in those markets in which we are most relevant and have the capacity to grow with a single banner”, he insisted.
The operation is expected to be completed “during the coming months”, between the end of 2023 and the beginning of 2024. It is subject to conditions such as the authorization of regulators and other financing and maintenance of franchises. The stores will be integrated into Auchan’s Portuguese network. Dia had been operating in the Portuguese country since 1993 and was a leader in local food distribution with Minipreço.
Dia thus continues the divestment of non-strategic assets to return to profitability. It recently announced the sale of its Clarel home and personal care store chain, some 1,015 stores, to the C2 Private Capital fund for 60 million euros. The operation has finally been canceled as certain conditions were not met. C2 studies legal actions against Dia for aborting the operation, understanding that the conditions are met.
In addition to the operation, Dia has presented the results of the first semester. Losses are reduced by 36%, to 67 million euros. Sales have increased by 4%, up to 3,602 million euros. In comparable terms, sales advanced 5.7%, with a rise of 12.8% in Spain, where net sales reached 2,241 million euros.
