Although the retail chain Spar has denied the acquisition of Ipercoop on several occasions, the two companies today confirmed this acquisition through a joint statement.
The statement notes that Spar and Ipercoop signed a series of agreements a few days ago that regulate the new partnership in the Croatian retail market. These agreements stipulate that Spar will manage four Ipercoop hypermarkets with a total area of approximately 30,000 square meters (two in Zagreb, in King Cross and Emmezeta, and in Kaštela and Osijek), while the name Ipercoop will be retained, and products under the Coop brand will continue to be sold in the mentioned stores.
‘This type of agreement, which seems unusual for such transactions, only confirms the mutual desire of both groups for a stable and long-term partnership, although the partnership itself is not entirely new for either Coop Consumatori Nordest or Spar Austria, considering that they have been collaborating in Italy for several years within a joint purchasing center,’ the statement reads.
While the management of Ipercoop stores will henceforth be in the hands of Spar, the real estate where the sales locations are situated will be jointly managed by the Italian and Austrian retailer. Specifically, Coop Consumatori Nordest and Spar Austria will establish a joint venture for managing the properties, in which each company will hold a 50 percent stake. By acquiring Ipercoop stores, Spar will nearly double its revenue in Croatia. In 2007, Spar generated approximately 100 million euros in revenue, while Ipercoop generated 88 million. The business results of the companies for 2008 are not yet known. (A.K.)
