Helsinki, 2017-Jul-03 — /EPR Retail News/ — Kesko Corporation has sold Indoor Group, which is responsible for the Asko and Sotka furniture trade chains, to a company owned by Sievi Capital Oyj, three franchising entrepreneurs from the Sotka chain and Etera Mutual Pension Insurance Company. The debt free price of the sale, structured as a share transaction, was €67 million.
Kesko’s strategic objective is to achieve growth in the Finnish grocery trade, growth and expansion within the building and technical trade in Europe as well as growth in the car trade.
In 2016, the net sales of Indoor Group were €187 million and the operating profit was €9.8 million. The debt free price of the divestment was €67 million of which €62 million was paid in cash and €5 million as an interest bearing loan that the seller grants to the buyer. Kesko Corporation will record a profit of approximately €15 million on the divestment in the second quarter financial results for 2017.
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Source: Kesko Corporation