Hema, Praxis up for sale says FD

Retail group Maxeda is putting its Hema department stores and its three DIY chains up for sale, confidential sources told the Financieele Dagblad. The paper reported on Saturday that Hema, Praxis, Formido and Brico could raise between €1.8bn and €2.5bn. With combined annual turnover of some €2.5bn the two divisions are responsible for over 50% of group sales.

Maxeda (formerly VendexKBB) was bought by a consortium led by US private equity company KKR in 2004 and removed from the stock exchange. Sources told the paper it was now time for KKR to cash in. ‘The end game has begun,’ one source said.

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