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Sparring partners
South African Spar is buying Irish Spar
The deal is worth €55 million, with Irish management staying put.
SPAR SOUTH AFRICA has struck a deal to purchase 80% of the company that runs the brand in Ireland.
The deal, which is being classed as a joint venture, will see Spar South Africa assume control of BWG Group, which runs Spar, Eurospar, Spar Express, Mace and XL in Ireland and the UK, has a price tag of €55 million.
The African outfit is responsible for 1,800 branches across South Africa, and has annual sales of around €3.5 billion and a market capitalisation of around €1.5 billion.
The new outfit will invest up to €100 million in the expansion of BWG’s operations over the next five years.
The existing management team will be retained under group chief executive Leo Crawford.
BWG also said that it has bought back some of its debt from exiting banks, while agreeing new five year banking facilities with Bank of Ireland and AIB.
Crawford said that the deal is “a very positive and exciting development for BWG”.
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