Friday 15 January 2021

Take over of Hema by Jumbo and Parcom is finalised in 50:50 deal

The Hema branch on the island of Terschelling. Photo: DutchNews.nl

The takeover of Hema by the owners of the Jumbo supermarket group and Dutch investment firm Parcom has been finalised, the Dutch high street stable confirmed on Thursday.

The 50:50 Mississippi Ventures and Parcom joint venture includes the involvement of the big three Dutch banks ABN AMRO, ING and Rabobank who agreed additional financing and a credit facility.

The agreement, due to be finalised in February 2021, gives Hema a ‘healthy financial situation with a significantly decreased level of debt and ample room to invest in our future development,’ chief executive Tjeerd Jegen said in a statement.

In addition, the deal gives Hema ‘very supportive’ long-term owners’ who will provide the company with a ‘stable operating platform’, he said.

Hema has been lumbered with huge debts for years by a variety of different private equity investors and the coronavirus crisis only made things worse. The company has been loss making since 2013.

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