Spar: New Swiss owners see potential
The supermarket chain, which has recently seen a decline in sales and profits, includes 358 retail outlets as well as a distribution center and several wholesale stores.
Spar Group Ltd, based in South Africa, has sold its Swiss retail and wholesale business to Tannenwald Holding AG. Spar Switzerland operates 358 stores and eleven cash & carry outlets as well as a distribution center in Switzerland. The brand names are Spar, Spar Express, Eurospar, Maxi and Top CC. The purchase price amounted to CHF 46.5 million. According to a statement published on the Johannesburg Stock Exchange, a further CHF 30 million will be due at the end of 2027 as part of an earn-out payment. However, this depends on the EBITDA achieved by Spar Switzerland.
"We see Spar as an important provider of basic services in Switzerland and as a traditional company with almost 300 years of history," said Chairman of the Board of Directors and co-owner Peter Weber, quoted by the news agency AWP. He indicated that there are growth plans for the retail company: "The model with locally anchored, mostly independent franchise partners does not exist anywhere else in Switzerland". There is "great potential" in this. Weber works for the family office of the family of former Sarasin Chairman Georg Krayer. According to the Tages-Anzeiger, this family holds 40 % of the shares in Tannenwald Holding, while Weber holds 60 %.
The South African owners of Spar Switzerland had put the company up for sale because return targets were not being met. Both sales and profits had recently fallen sharply. Closures are apparently not currently planned, as the new owners have indicated. (aw)
