The price that DIA Retail will receive for the transaction, which may vary depending on certain parameters, would result in total estimated proceeds of €60 million.
“Proximity is the essence of DIA and our great lever for success. In this new stage of accelerated growth, we want to focus our efforts on what we do best: local food distribution,” said Dia Group’s Global CEO, Martín Tolcachir.
The Clarel business is currently performing positively, improving its profitability year on year in recent times.
“We are pleased to have the confidence of the new investors, with whom we will work side by side to consolidate and continue Clarel’s growth path with the commitment and professionalism of all our employees and franchisees to provide the best possible service to customers,” highlighted José María Jiménez, CEO of Clarel, and added, “we thank Grupo Dia for the support it has always given us to promote our own value proposition, which responds to the daily personal hygiene, beauty and home care needs of our customers”.
The deal includes 1,015 Clarel shops throughout the country, three distribution centres and other assets. C2 Private Capital will continue to have the support of Clarel’s current management team in this new phase.
“We are very excited about this transaction and we will do our best to ensure that the company continues to grow with the help of all its professionals. We believe that Clarel has a great brand with a strong presence in important areas of the country, which we want to consolidate while strengthening its operations in other areas where there is good expansion capacity and room for growth,” said Carlos Galindo of C2 Private Capital.
The transaction, subject to the fulfilment of a number of conditions, including obtaining the relevant competition authorisation, is expected to be completed by mid-2023 and is part of Grupo Dia’s strategy of focusing on the local food distribution business, a cornerstone since its foundation more than 40 years ago.
Grupo Dia has been advised by Arcano Partners, Herbert Smith Freehills and Deloitte, while C2 Private Capital has been advised by Baker McKenzie.
Herbert Smith Freehills advised DIA with a Corporate team including partner Alberto Frasquet, senior associate Guillermo Uriarte, associate Alejandro Hillage and junior associate Alejandro Grima, a Public Law team comprising senior associate Miguel Ángel Barroso, and a Competition team with partner Henar González and associate Pilar Carrasco.
Deloitte Legal advised DIA with a team comprising partners José María Gómez Rosende, Ignacio Sanjurjo and Xavier Pallares, director Susana López Claver, senior associates Miquel Castro, Covadonga Muñoz and Anna Álvarez Atienza, together with a Deloitte Financial Advisory team.
Baker McKenzie Spain advised C2 Private Capital with a team formed by partner Enrique Valera and senior associate Elena Piquero.
