At the time of our acquisition, Maxeda was the leading non-food retailer in the Benelux region and operated 11 formats across the department store, DIY, fashion and restaurant segments. The group had almost 28,000 colleagues, c.1,400 stores spread across the Netherlands, Belgium, Luxembourg, France, Spain, Germany and several other markets, which welcomed c.6 million visitors each week.
Together with its partners in this investment, Cinven has strengthened the management team and implemented a strategy to focus on its core retail business.
During the first years of our ownership, the focus was on strengthening the divisional management teams, operational improvements across all retail formats and the realisation of gains from working capital reductions. The retail improvement strategy resulted in increased like-for-like sales, growth of the store network, improved sourcing and cost savings from realising synergies across the Group and improvements in cash flow.
On a business portfolio level, we successfully divested of Hema and the Consumer Electronics business in 2007 and in 2010, supported by strong trading performance, the decision was taken to divest the fashion formats. Following these sales the Maxeda group is now focused exclusively on its market leading DIY businesses in the Netherlands and Belgium.
Despite difficult trading conditions, Maxeda continues to make good progress in implementing this strategy, with particular emphasis being placed on improving margins through increased direct sourcing from Asia and investing in the own brand product offering, accelerating the integration of related formats and driving topline growth through better execution and strong marketing and promotions.
The divestment of Maxeda's property portfolio in 2005, the sale of Hema in 2007 and the subsequent sales of the fashion formats in 2010 have enabled Cinven to return 2.6 times our initial investment while retaining our equity ownership in Maxeda DIY Group.
- 19 November 2013:
Roel F. van Neerbos joins Maxeda DIY Group as CEO
- 24 October 2013:
Website Maxeda DIY Group ranked in top 25 Global Retail ranking
- 26 June 2013:
Praxis opens new store in Noordwijk
- 20 June 2013:
Maxeda DIY Group delivered resilient results
- 28 March 2013: