The Dia supermarket group has announced the sale of its Clarel perfumery chain to the Trinity Group, of Colombian origin, for 42.2 million euros.
Specifically, Trinity acquires the company that operates the business, Beauty by Dia, for 11.5 million euros payable in 2024, an additional maximum of 15 million in 2029 and a debt receivable of 18.7 million -15. 7 million net in cash – in several tranches, also until 2029, as announced this Monday.
Dia states that the business “has a positive performance, improving its profitability year after year in recent times.” The agreement includes about 1,000 Clarel stores nationwide, three distribution centers and other assets.
The Spanish company expects a negative accounting impact of 9.4 million from the sale in this year’s accounts. The sale comes after the transfer to the C2 Private Capital fund for 60 million euros was canceled in August. The operation is subject to the relevant competition authorization, and it is expected that it can be completed in the first half of 2024.
With the sale, Dia intends to obtain resources to consolidate its growth and focus its business on local food distribution, “a cornerstone since its founding more than 40 years ago,” it is stated in a statement. “Proximity is the essence of Dia and our great lever for success. In this new stage of consolidation of growth, we want to put our focus on what we know how to do best: local food distribution,” highlighted the CEO of Dia, Martín Tolcachir.
Trinity Group, based in Colombia, has businesses in logistics, steel, tourism, restaurants and mining. It operates in four countries -Colombia, Spain, Costa Rica and Canada- and brings in around 700 million euros annually, with 12,500 employees. The purchase “marks the entry of Grupo Trinity into Spanish retail, and we do it through a leading company in its segment,” said the president of Trinity, Omar González.
