UK retail chain The Co-operative has announced that it has completed its acquisition of Nisa Retail Limited.
The Competition and Markets Authority approved of the acquisition in late April and the transaction has now passed all potential legal obstacles.
Jo Whitfield, Chief Executive Officer, Co-op Retail, said, “This is exciting news. Co-op and Nisa have all the ingredients for a successful partnership which will include the offer of award-winning Co-op own brand products.
"It will give Nisa Partners a wholesale operation of scale, allowing them the flexibility to trade their businesses in the way they choose, whilst benefiting from competitive prices and promotions on an industry leading own-brand."
Whitfield added that the company's strategy is "to get our award-winning own brand product closer to communities and our new business will create an exciting product offer for Nisa Partners to engage their shoppers with across the UK.”
Nisa announced that Ken Towle has been appointed as the company's new CEO, with immediate effect. He will replace Arnu Misra who acting as interim CEO during the completion of the acquisition. He will remain in the business for a transition period.
Whitfield added, “I’m delighted that Ken will lead the business for us and would like to thank Arnu for the work he has done alongside the Nisa Executive team to make this acquisition such a success and we appreciate his support as we transition.”
The Co-op announced in early April of this year that the group saw a substantial rise in its annual profits for 2017 (25%) after being in recovery mode since 2013. The group would look into expanding its network into new sectors.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O'Sullivan. Click subscribe to sign up to ESM: European Supermarket Magazine.