One of the largest multi-format retail chains in Russia, Lenta, has completed the acquisition of the Semya Group business.
The purchase price at closing amounted to €28M, reflecting certain closing adjustments related to actual levels of cash, debt and working capital of the business. As a result of the acquisition, which was approved by the Russian Federal Antimonopoly Service in July 2021, Lenta will have a total food retail market share of approximately seven per cent in the Perm region and the combined business will enhance its position as the fourth largest retailer in Perm.
Lenta plans to integrate the newly acquired stores, supply chain infrastructure and Semya’s employees into the Lenta retail network over the course of the next 12 months. This acquisition supports Lenta’s strategic goals and creates multiple synergies for the business going forward.
Vladimir Sorokin, Chief Executive Officer, commented: “We remain committed to our long-term goal of becoming one of the retail champions on the Russian retail market. The acquisition of Semya Group will support Lenta’s expansion into smaller formats, while also creating a solid base for the development of our network and strengthening our position in the Perm region. This acquisition confirms our commitment to play an active role in the consolidation of the grocery retail sector in Russia’s regions.”
