Dutch investors Gilde and Alpinvest bid jointly for Hema

By

Shomara Roosblad

Published
Dec 22, 2017

Dutch retailer Hema, which is currently on sale, has received a joint no-obligation bid from Dutch investors Gilde Buy Out Partners and Alpinvest. The exact amount of the bid remains unknown.

Last Friday was the deadline of the first bidding round in the sales process. The current owner, the British investment company Lion Capital, allegedly requires at least € 1 billion for Hema, which, according to an advisor currently consulting a buyer, might be too high. “They may try an IPO if a sale does not deliver enough,” the source told Dutch newspaper Het Financieele Dagblad (FD). Hema CEO Tjeerd Jegen had previously not ruled out an IPO.

According to reports, the British investor Clayton Dubilier & Rice has also made an indicative offer. FD describes the interest in Hema as 'limited'. The newspaper continued to say that no strategic buyer, a company from the same sector, has shown interest in the chain. Other financial parties that shared an interest, including Advent, PAI, Towerbrook and the Dutch HAL, did not put out an offer.

In September, Hema first announced that it is exploring ‘strategic options for Hema’s future.’ In Q3 2017, the retailer recorded a €4.6 million profit, its first profit since 2012. At the moment, Hema is available in 7 countries via 700 stores. In 2018 the chain will open its first two stores in Austria’s Vienna.