Maxima Grupė has announced that its Stokrotka banner has acquired the Polish retail chain, Sano. The merger is expected to be completed at the beginning of next year.
Maxima Grupė-owned Stokrotka has acquired 100% shares of Sano from Miglione Investments Limited, based in Cyprus.
Maxima Grupė’s board chairman and CEO, Dalius Misiūnas, said, "We will focus on the Polish market in the upcoming years, as we are planning rapid expansion there.
"One of the priorities in our strategy for the Polish market is the integration of already existing businesses."
Sano operates around 36 shops in the north-west part of Poland, and also provides e-commerce services.
"The Sano acquisition and merger with Stokrotka will let us strengthen positions in the north-west region of Poland. We will also take advantage of Sano's know-how in e-commerce which will open new opportunities for business development," Misiūnas added.
In 2017, the retail chain, which employs around 900 people, reported a turnover of more than €71 million.
Following this acquisition, the number of stores owned by Maxima Grupė in Poland stands at 551.
In total, the group owns around 1070 stores across five markets.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.