DOCSLIB.ORG

Foodservice Spotlight 2018.03

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Foodservice Spotlight 2018.03 Could be used for customer specific pics: products, applications, sector, etc) Industry Focus Consumer & retail SECTOR SPOTLIGHT FOODSERVICE www.clairfield.com 1 CONTENTS . RECENT CASE STUDY p. 3 . INTRODUCTION TO FOODSERVICE p. 5 . CLAIRFIELD INTERNATIONAL SECTOR EXPERTISE p. 8 . KEY FACTS ABOUT FOODSERVICE PER REGION . BENELUX p. 11 . BRAZIL p. 15 . DACH p. 18 . FRANCE p. 21 . ITALY p. 25 . NORDICS p. 28 . POLAND p. 31 . SPAIN p. 34 . UK p. 37 . USA p. 40 . CONTACT INFORMATION p. 43 . ABOUT CLAIRFIELD p. 44 2 SECTOR SPOTLIGHT: FOODSERVICE ADVISOR OF CHOICE FOR CORPORATE CLIENTS (1/2) 3 SECTOR SPOTLIGHT: FOODSERVICE ADVISOR OF CHOICE FOR CORPORATE CLIENTS (2/2) CLAIRFIELD ADVISED BIDCORP (FORMERLY BIDVEST) ON 2ND PLATFORM ACQUISITION IN EUROPE The acquisition of Pier 7 represents the second transaction that Clairfield International has advised for Bidcorp. In 2014, Clairfield International advised on Bidcorp’s Italian market entry with the acquisition of Gruppo DAC. Clairfield is acquired a majority pleased to be repeatedly selected as the trusted strategic and financial advisor to shareholding in international clients such as Bidcorp. Deal team: Albert Schander, Oliver Kolb Advisor to the buyer Transaction summary Transaction rationale Bid Corporation (Bidcorp) of South Africa acquired a The acquisition of Pier 7 Foods accomplishes Bidcorp’s majority shareholding in Pier 7 Foods, based in Gröbenzell, objective of market entry into Germany. Pier 7 customers Germany, securing entry into the lucrative German food include well-known restaurant chains and hotels. Bidcorp service market. The transaction was approved by the and Pier 7 Foods will assess other strategic partnering German Bundeskartellamt (Independent Competition opportunities in the upcoming months. The investment in Authority) in July 2017. Pier7 Foods in Germany is a further milestone in Bidcorp’s growth strategy in Europe and comes on the heels of its acquisition of the Spanish Guzman Group. Profile of the companies Bidcorp Ltd is headquartered in Johannesburg and was established in 1988. The group operates globally in food services which comprises wholesale distribution of frozen, chilled, fresh, and dry foodstuffs, as well as ancillary products, mostly to B2B clients in the HoReCa market (hotels, restaurants, and catering- businesses). Bidcorp is quoted on the Johannesburg stock exchange and generates close to EUR 10 billion in revenues. The group has significant investments in over 50 businesses and currently has approximately 25,000 employees. Pier 7 Foods Import GmbH was founded in 1998 and headquartered in Gröbenzell, near Munich. The company distributes fresh and frozen food to the food and gastro-hotel industry in Germany and Austria and has long-standing relationships with carefully selected suppliers. Pier 7 has seven subsidiaries with its own logistics and vehicle fleet supplying certain areas and works with its cooperation partners coming from all over Europe. As estimated for 2016, the group generates over EUR 80 million in revenues. Views of the parties Markus Erhart, managing director and founder as well as future co- Stephen Bender, managing director of BidCorp shareholder said: "I have been in touch with several business units Foodservice (Europe) Ltd. and future co- of BidCorp over an extended period in order to be certain that I managing director said: “Our investment in Pier have correctly selected my partner, as I intend to proactively 7 Foods in Germany is a further achievement in manage the transition of succession in my business. BidCorp is the our growth strategy in Europe. We are looking right partner for our group for further growth as Bidcorp is very forward to implementation of our roll-out entrepreneurial and our product portfolios complement each strategy for the German market working closely other cross-border. For both sides service to our clients and high with Markus and his team.“ quality are paramount.“ 4 SECTOR SPOTLIGHT: FOODSERVICE INTRODUCTION TO FOODSERVICE Foodservice worldwide Foodservice markets by sales volume (1) . Foodservice, defined as the industry serving food outside the home (HoReCa), as well as the service providers – food wholesalers, logistics providers and the like – that cater to the HoReCa industry, is a thriving sector everywhere in the world. Currently Asia Pacific is the world’s leading foodservice market, accounting for 43% of the market share, driven by rising demand in India and China. Europe is the third largest foodservice market with France, Germany, Italy, the UK, and Spain as major foodservice submarkets. Borders between the different market segments < USD 50 bn > USD 1 tn are becoming increasingly blurred. Traditional HoReCa suppliers are increasingly challenged by The total foodservice sales value worldwide is Cash & Carry players and Logistics & Transport estimated at USD 3.4 trillion growing at 4.6% p.a. in segments. 2016 and 2017 (est. CAGR 2015-20 is 3.4%), and the industry is estimated to employ 10.8 million people (many on a part-time basis). Foodservice industry trends . According to a study of 10 European countries, . The digital economy is transforming the industry people eat 18% of all meals outside the home. with e-commerce platforms, delivery and This tendency translates into growing automation technologies, and customer-tracking opportunities for producers, distributors, systems. restaurant chains, catering establishments, and . Rising wages mean increased labor costs, which is other foodservice companies. a concern in the industry, though a more . Some trends, such as concern for healthy eating, prosperous workforce also creates more and interest in eating local, fresh, and sustainable consumers. foods, can be tracked throughout the world, . High competition as well as economies of scale however, some trends are more country-specific are very noticeable in the industry, which is one of reflecting the eating habits in the region. the reasons for consolidation in the industry. The farm-to-table tendency is observed among all . More than ever, foodservice companies and final sector players, from supermarkets to Michelin- customers are expecting wholesalers to provide starred restaurants. Interest in international them with quality products. cuisine is another noteworthy trend affecting all cultures. Sources: Tradedimensions GV-Markt 2016; Bulwiengesa Market Study; Genios Food Service; Euromonitor International; Daedal Research: Global Foodservice Market; GIRA Foodservice: Foodservice EUROPE 2018 5 SECTOR SPOTLIGHT: FOODSERVICE FOODSERVICE IN NUMBERS 188 Number of worldwide deals MARKET made in the foodservice DRIVER 36.4% increase in industry in 2017 Innovation & deal value from customization 2016 to 2017 of food menus Sample of leading Foodservice companies worldwide: total sales players by offered products, 2016 Market Dairy & trends Others Frozen 20% Desserts 20% Fruits & MARKET Vegetables CHALLENGE 12% Bakery Fluctuations in commodity 6% Meat, Fish prices & rise & Seafood Beverages 35% in labor costs 6% Largest foodservice markets Foodservice industry worldwide by end customers, 2016 Schools, Universities Asia North New Markets Europe (Event 5% Pacific America Catering) 10% Retirement Homes 12% Company Restaurants 55% €24 billion Hospitals 18% ANNUAL TURNOVER OF THE CONTRACT CATERING INDUSTRY IN EUROPE Source: Comprises M&A deals in the foodservice industry based on Mergermarket classification; Daedal Research: Global Foodservice Market; PR Newswire Association: Global Foodservice Market 2017-2021; Tradedimensions GV-Markt 2016; Gain Report: Foodservice 2017 6 SECTOR SPOTLIGHT: FOODSERVICE FOODSERVICE MERGERS & ACQUSITIONS M&A deals in foodservice worldwide (2013 – 2017) Deals value and volume Deals by acquiror type EUR bn # 40 250 210 35 198 195 188 Strategic 200 Financial 30 172 69% 31% 25 150 20 35.6 15 100 25.6 26.1 10 21.8 16.2 50 5 0 0 2013 2014 2015 2016 2017 Deal Value Deal Volume Note: Comprises M&A deals in the foodservice industry based on Mergermarket classification; Not all companies disclose a deal value; Up to 31.12.2017 Selected recent M&A deals in foodservice & valuation multiples Announ. Target Acquiror DV Revenue EBITDA EBITDA Target Acquiror Date country country (EUR m) Multiple Multiple Margin 09/2017 Mila S.A. PL Eurocash S.A. PL 82 0.2x 74.3x 0.3% 07/2017 Stonyfield Farm, Inc. US Groupe Lactalis S.A. FR 768 2.4x 20.0x 5.4% 03/2017 KFC (16 establishments) NL Collins Foods Limited AU 62 1.3x 8.5x 15.7% 02/2017 Zabka Polska sp. z o.o. PL CVC Capital Partners Limited UK 1 296 2.6x 43.2x 6.0% 01/2017 Booker Group PLC UK Tesco PLC UK 4,175 0.7x 20.0x 3.6% Charoen Pokphand Foods 12/2016 SuperDrob S.A. (33% stake) PL TH 50 1.1x N.A. N.A. Public Company Ltd 11/2016 Autogrill Nederland BV NL Gr8 Investments BV NL 23 0.7x 8.1x 8.5% 10/2016 Dakri Dystrybucja sp. z.o.o. PL Bake & Co., N.V. BE 6 0.4x 5.0x 7.4% Abris Capital Partners and 08/2016 Graal S.A. (55.77% stake) PL PL 51 0.3x 5.8x 5.7% private investor Organic Farma Zdrowia S.A. 07/2016 PL EcorNaturaSi S.p.A IT 9 1.4x 17.5x 4.2% (63% stake) 07/2016 Internatural AB SE Midsona AB SE 86 1.3x 12.5x N.A. 04/2016 DE.AL. s.r.l. IT Marr S.p.A IT 36 0.6x N.A. N.A. 02/2016 Brake Bros Limited UK Sysco Corporation US 2,786 0.7x 19.0x 3.4% 12/2015 Hortigil Hortifruti S.A. BR Partners Group Holding AG CH 69 0.5x N.A. N.A. 12/2015 Vermaat Groep BV NL Partners Group Holding AG CH 390 3.5x N.A. N.A. 11/2015 Findus Sverige AB SE Nomad Foods Limited BVI 701 1.2x 10.6x 11.0% TowerBrook Capital Partners 03/2015 Ad van Geloven BV NL US 264 1.4x N.A. N.A. LP 02/2015 Drogheria & Alimentari Spa IT McCormick & Company Inc.
Load more

Recommended publications
  • Checking out on Plastics, EIA and Greenpeace
    Checking out on plastics A survey of UK supermarkets’ plastic habits ACKNOWLEDGEMENTS ABOUT EIA ABOUT GREENPEACE CONTENTS We investigate and campaign against Greenpeace defends the natural We would like to thank The Network ©EIAimage 1. Executive summary 4 environmental crime and abuse. world and promotes peace by for Social Change, Susie Hewson- investigating, exposing and Lowe and Julia Davies. Our undercover investigations 2. Introduction 5 confronting environmental abuse expose transnational wildlife crime, We would would also like like to to thank thank our ABOUT EIA EIAand championingUK responsible with a focus on elephants, pangolins 3. Impacts of plastics on the environment and society 6 numerous other supporters whose 62-63solutions Upper for Street, our fragile Ximporae. Ut aut fugitis resti ut atia andWe investigate tigers, and and forest campaign crimes suchagainst long-term commitment to our Londonenvironment. N1 0NY UK nobit ium alici bla cone consequam asenvironmental illegal logging crime and and deforestation abuse. 4. Methodology 8 organisation’s mission and values T: +44 (0) 20 7354 7960 cus aci oditaquates dolorem volla for cash crops like palm oil. We helped make this work possible. Our undercover investigations E: [email protected] vendam, consequo molor sin net work to safeguard global marine Greenpeace, Canonbury Villas, London N1 5. Results of scorecard ranking 9 expose transnational wildlife crime, eia-international.org fugitatur, qui int que nihic tem ecosystems by addressing the 2PN, UK with a focus on elephants and asped quei oditaquates dolorem threats posed by plastic pollution, T: + 44 (0) 20 7865 8100 6. Summary of survey responses tigers, and forest crimes such as volla vendam, conseqci oditaquates bycatch and commercial EIAE: [email protected] US illegal logging and deforestation for dolorem volla vendam, consequo exploitation of whales, dolphins POgreenpeace.org.uk Box 53343 6.1 Single-use plastic packaging 10 cash crops like palm oil.
    [Show full text]
  • Community-Shops-News
    Village Shops Newsletter - Spring 2017 News from Local Shops: Appleton Shop Has a Re-vamp. On 29th Feb, Appleton-with- Eaton Village shop held a meeting in the Village Hall for volunteers, local users and potential users of the shop, to come and hear all about the exiting changes happening and to make their comments on the changes. Over 100 people turned up! The new improved shop opened on Saturday 8th April. They now have a new inside coffee area, new product ranges (including more locally produced products), increased chilled and frozen stock and a new ‘Epos System’.The refit is costing around £15k, with a £6k grant from the Post Office really helping out. I bet there is a real buzz in in the village… A New Drinks Cabinet for Hanney Community Shop. Hanneys volunteer shop manager, Hazel Abraham, applied to the Post Office Community Branch Fund for a new drinks cabinet. As you can see it is eye catching. Cold drinks sell well to school children and cyclists. For those shops who have a Post Office in your shop, There is still plenty of money in the Post Office Community Branch Fund which you can apply to in order to develop and improve your Post Office business. Example of improvements people have made include a tea room, improved signage, flooring, shelving lighting. Most applications are below £10,000 and sometimes £2,000 and below for outreach services, however it is possible to apply for more than this. Please see the details on the Post Office website. http://postofficecommunityfund.co.uk If you’re not sure what you could use the Community Branch Fund for, you can give the Network Transformation Helpline a call to discuss some ideas on 0845 266 8790 News from Local Shops Continued..
    [Show full text]
  • Driving and Broadening the Business
    ANNUAL REPORT & ACCOUNTS 2014 BOOKER GROUP PLC Equity House Irthlingborough Road DRIVING AND BROADENING THE BUSINESS Wellingborough Northants NN8 1LT BOOKER GROUP PLC www.bookergroup.com ANNUAL REPORT & ACCOUNTS 2014 Booker Group plc Annual Report & Accounts 2014 Financial Statements Booker Group is the UK’s leading food wholesaler. Report Strategic The Group now comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter Courivaud, Chef Direct and Booker India. Together we seek to provide caterers, retailers and small businesses with the best choice, price and service via the internet, delivery and cash and carry. Strategic Report Highlights 01 Business Profile and Key Performance Indicators 02 Chairman’s Statement 03 Governance Chief Executive’s Review 04 Group Finance Director’s Report 07 Corporate Social Responsibility Report 10 Risks and Uncertainties 14 Governance Directors’ Report 16 Directors and Officers 18 Corporate Governance Report 20 Audit Committee Report 25 Nomination Committee Report 30 Remuneration Report 32 Statement of Directors’ Responsibilities 50 Financial Statements Independent Auditor’s Report 51 to the Members of Booker Group plc Consolidated Income Statement 54 Consolidated Statement of Comprehensive Income 54 Consolidated Balance Sheet 55 Consolidated Cash Flow Statement 56 Statements Financial Consolidated Statement of Change in Equity 57 Notes to the Group Financial Statements 58 Company Balance Sheet 88 Notes to the Company Financial Statements 89 Directors, Officers and Professional Advisers 92 Notes: This document includes forward looking statements with respect to Booker Group plc’s (the Group’s) plans and its current goals and expectations relating to its future financial condition, performance and results. These forward looking statements sometimes contain words such as ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘may’, ‘might’, ‘will’, ‘could‘ or other words of similar meaning.
    [Show full text]
  • Booker Symbol Retail
    Booker Symbol Retail Insight on shoppers: insight on stores July 2018 © IGD 2018 The UK’s biggest symbol network Premier the biggest single fascia Now encompassing over 5,600 stores the Booker retail symbol network has twice the number of the next largest symbol group or convenience chain in the UK. Total combined estimated retail sales are now £4.5bn. Operating a portfolio of four fascias Booker Booker symbol retail: store numbers symbol has a breadth of offer to meet the needs of a wide range of differing retailer 2017 2018 change needs comprising: Premier* – flexible entry level package for Premier* 3,332 3,343 +11 small stores with supply from cash & carry depots Londis 1,826 1,957 +131 Londis – fully-serviced package for smaller stores supplied through Booker Retail Budgens 159 226 +67 Partners distribution network Budgens – Tailored support package for Family Shopper 63 75 +12 larger stores including an emphasis on fresh Family Shopper – A value-focused package Total 5,380 5,601 +221 offering neighbourhood discount format © IGD 2018 Source: IGD Research * Includes Premier Express fascia variant Page 2 What defines the Booker retail symbol shopper? Top shopper Top-up is the leading mission across all missions in three fascias Tobacco/lottery/news is the second most frequent mission in Premier and Londis Budgens has significantly the largest incidence of evening meal missions Premier has the highest incidence of food- for-now missions % of shoppers on last trip shopping for Premier Londis Budgens Top-up 45 50 59 Evening meal 15 13 35 Food-for-now 26 15 18 Tobacco/lottery/news 41 42 29 © IGD 2018 Source: IGD ShopperVista Page 3 As Booker looks to the future, and the new possibilities presented by its tie-up with Stores of the Tesco, we visited three of its most recently redeveloped symbol retail stores.
    [Show full text]
  • Survey of Retailers
    1 1. Contents 1. Contents ............................................................................................................. 2 2. Executive summary .............................................................................................. 3 Background and methodology ..................................................................................... 3 Key findings ............................................................................................................. 3 3. Introduction ........................................................................................................ 5 Research objectives ................................................................................................... 5 Methodology ............................................................................................................. 5 Sample .................................................................................................................... 5 Participation criteria .................................................................................................. 8 Fieldwork ................................................................................................................. 8 Presentation of results ............................................................................................... 9 Respondent profile .................................................................................................. 10 4. Supply arrangements and local competition .........................................................
    [Show full text]
  • Booker Makro Merger Inquiry Final Report
    Booker Group PLC/Makro Holding Limited A report on the completed acquisition by Booker Group PLC of Makro Holding Limited 19 April 2013 Competition Commission 2013 Website: www.competition-commission.org.uk Members of the Competition Commission who conducted this inquiry Simon Polito (Chairman of the Group) Jeremy Peat Tony Stoller Jonathan Whiticar Chief Executive and Secretary of the Competition Commission David Saunders The Competition Commission has excluded from this published version of the final report information which the Inquiry Group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Non-sensitive wording is also indicated in square brackets. iii Contents Page Summary .............................................................................................................................. 3 Findings ................................................................................................................................ 6 1. The reference .................................................................................................................. 6 2. Industry background ........................................................................................................ 6 Relationship between suppliers and wholesalers ............................................................ 7 Types of wholesalers ......................................................................................................
    [Show full text]
  • Tesco to Buy Wholesaler Booker in £3.7B Deal
    British supermarket giant Tesco is to buy the country's largest food wholesale operator, Booker Group PLC, in a £3.7 billion (US$4.6 billion) deal set to create "Britain’s leading food business". The acquisition is a marked change of direction for the U.K.’s biggest supermarket group, which has been closing stores around the country in a bid to cut costs. The company's CEO Dave Lewis says the announcement shows Tesco has “made significant progress in turning around our UK retail business." Booker shareholders will end up owning around 16% of the combined group under the terms of the deal. In a statement, the companies said they expected the merger to enhance quality food at attractive prices across retail and eating out locations and better serve the fast growing “out-of-home” food market. In addition, the combined group could present a broader market opportunity for suppliers “with strong growth prospects and a clear opportunity to develop better own brand and fresh ranges; cut food waste and increase efficiency by creating a broader, multi-channel partner who can work with producers across their full agricultural crop.” “Tesco has made significant progress in turning around our UK retail business. This Merger with Booker will further enhance Tesco’s growth prospects by creating the UK’s leading food business with combined expertise in retail, wholesale, supply chain and digital,” CEO Dave Lewis said. “Wherever food is prepared and eaten – ‘in home’ or ‘out of home’ – we will meet this opportunity with the widest choice and best service available.” Booker CEO, Charles Wilson, adds: “Booker is committed to improving choice, prices and FreshFruitPortal.com service for the independent retailers, caterers and small businesses that we are proud to serve.
    [Show full text]
  • BOOKER GROUP PLC (“Booker”) MODERN SLAVERY STATEMENT Our Business and Structure Booker Is the UK's Leading Food Wholesaler
    BOOKER GROUP PLC (“Booker”) MODERN SLAVERY STATEMENT Our Business and Structure Booker is the UK’s leading food wholesaler. The Group comprises:- Booker Wholesale/Makro - Booker Wholesale/Makro, our cash and carry businesses serve:- 441,000 catering customers and 641,000 small businesses. Our catering customers include restaurants, fast food outlets, licensed premises and cost centre caterers. These can be independent single site locations, Group Accounts and National Chains. All customers can draw upon the Booker, Makro, Classic Drinks and Chef Direct infrastuctures; Chef Direct – Our Chef Direct business serves national accounts from our distribution centre in Didcot; 94,000 independent retailers. Our largest retail customers tend to be our Premier, Londis, Budgens and Family Shopper symbol group members. We also serve our retail club members, unaffiliated independents and retail national accounts. Premier – Premier, Booker’s symbol group, serves 3,306 independent retailers; Family Shopper – Family Shopper is our local discount format and we currently serve 63 independent retailers trade under this format; Budgens & Londis – Budgens serves 156 retailers. The Budgens consumer is typically ABC1. Londis serves 1,850 retailers with approximately 49% of consumers being ABC1; Booker Direct – Booker Direct serves national retail chains from our distribution centres, with customers including Marks & Spencer, most of the cinema chains in the UK and the prison service in England and Wales; Ritter Courivaud – Ritter-Courivaud is a speciality foods supplier to the UK’s leading restaurants; and Booker India – In September 2009 we opened our first business centre in Mumbai. We now have four branches in Mumbai, one in Surat and one joint venture branch in Pune.
    [Show full text]
  • Booker (Not Covered) and Conclude That It Creates Value 44 20 7888 6531 Financially and Strategically
    30 January 2017 Europe/United Kingdom Equity Research Food Retail Tesco (TSCO.L) Rating UNDERPERFORM Price (27 Jan 17, p) 206.55 ACQUISITION Target price (p) 160.00 Market Cap (£ m) 16,884.7 Enterprise value (£ m) 27,134.1 Adding value… and complexity and risks Target price is for 12 months. Research Analysts ■ A beneficial acquisition. We have analysed Tesco's proposed £3.7bn Stewart McGuire, CFA acquisition of Booker (not covered) and conclude that it creates value 44 20 7888 6531 financially and strategically. The deal is accretive starting in year two, before [email protected] peak synergies are realised and also helps de-lever the balance sheet. The improved multi-channel logistics network will allow Tesco to improve efficiencies, lower food waste and enhance returns along the value chain. ■ New deal, new challenges. Unlike a more straightforward retail transaction (such as Sainsbury/Argos or Ahold/Delhaize), adding wholesale to retail is more complicated: it increases complexity and adds risk. While logistics and sourcing are the basis for the synergies, the differing customer bases and requirements means that integration will require more effort and nuance. Independent stores may be less inclined to buy from the wholesaler that operates the competitor across the street. The way Booker will be managed within Tesco has not yet been defined, nor has the role of Charles Wilson, Booker's well-regarded CEO. ■ Core problems remain. The transaction has almost no impact on Tesco's main problem – an extensive retail network with many large, underperforming stores. Our proprietary work on large-store performance indicates a structural operating margin headwind of 1.1% due to Tesco's store estate.
    [Show full text]
  • Full Text of the Decision Regarding the Completed Acquisition by Costcutter Supermarkets Group of the Symbol Group Business of P
    Completed acquisition by Costcutter Supermarkets Group of the Symbol Group Business of Palmer & Harvey McLane Limited and creation of a joint buying company ME/6027/13 The OFT’s decision on reference under section 22(1) given on 21 August 2013. Full text of decision published 5 September 2013. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties or third parties for reasons of commercial confidentiality. PARTIES 1. Costcutter Supermarkets Group (Costcutter) is a symbol group1 operator, providing symbol group and wholesale services to approximately 1,600 member stores, through its Costcutter, myCostcutter and Kwiksave brands. Costcutter also owns 23 stores. Costcutter is (indirectly) wholly-owned by Bibby Line Group Limited. Costcutter’s turnover in its 2012 financial year was £655.8 million. 2. Palmer & Harvey McLane Limited (P&H) is a wholesale supplier of tobacco, confectionery, soft drinks, chilled and frozen foods and other groceries, delivering across the UK from 14 depots. P&H also operates and provides symbol group services to approximately 834 stores through its Mace, Supershop and Your Store brands. P&H also owns 10 stores. P&H’s turnover in its last financial year ending 6 April 2013 was £4.165 billion, of which the symbol group business being acquired by Costcutter (the 'Mace Business') generated approximately £[ ] million in the UK. 1 A group of stores, some of which may operate under a franchise arrangement, and trade under a common fascia (symbol). 1 TRANSACTION 3. Costcutter acquired the Mace Business on 6 April 2013.
    [Show full text]
  • Tesco Booker
    Anticipated acquisition by Tesco plc of Booker Group plc Decision on relevant merger situation, substantial lessening of competition and reference ME/6677/17 The CMA’s decision on reference under section 33(1) of the Enterprise Act 2002 given on 12 July 2017. Full text of the decision published on 21 July 2017. Please note that [] indicates figures or text which have been deleted or replaced in ranges at the request of the parties for reasons of commercial confidentiality. Contents Page SUMMARY ...................................................................................................................... 2 ASSESSMENT ................................................................................................................ 4 Parties ........................................................................................................................ 4 Transaction ................................................................................................................ 5 Jurisdiction ................................................................................................................. 5 Procedure .................................................................................................................. 5 Background ................................................................................................................ 6 Counterfactual............................................................................................................ 9 Frame of reference .................................................................................................
    [Show full text]
  • Tesco/Booker Merger Inquiry Case Page
    Tesco and Booker A report on the anticipated acquisition by Tesco PLC of Booker Group plc 20 December 2017 © Crown copyright 2017 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Website: www.gov.uk/cma Members of the Competition and Markets Authority who conducted this inquiry Simon Polito (Chair of the Group) Gavin Robert Robert Spedding Tim Tutton Chief Executive of the Competition and Markets Authority Andrea Coscelli The Competition and Markets Authority has excluded from this published version of the provisional findings report information which the inquiry group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Some numbers have been replaced by a range. These are shown in square brackets. Non-sensitive wording is also indicated in square brackets. Contents Page Summary .................................................................................................................... 3 Findings .................................................................................................................... 16 1. The reference ....................................................................................................
    [Show full text]