Sale of Praktiker company in Poland

Papag AG, which is based in Switzerland, is taking over Praktiker Polska sp. z.o.o. Warsaw, one of the Praktiker Group’s international operations. A sales contract to this effect has been signed by Christopher Seagon, the lawyer acting as the administrator of BM Praktiker International GmbH. Both sides have agreed to maintain silence on the economic terms of reference of the transaction. The acquisition is still subject to approval by the usual authorities. Behind Papag AG is a strategic investor from Poland, who does not want to be named at this point in time. Administrator Seagon received four firm offers altogether for the international operation in Poland as the result of a structured bidding procedure. Papag AG prevailed against the competition with the best overall concept. This includes the investor taking over all 24 stores and all 1 800 employees in Poland. According to information from the purchaser, the DIY stores will continue to operate under the Praktiker brand name. “Praktiker Polska’s most recent annual sales result amounts to € 165 million, making it one of the biggest international companies in the Praktiker group. With this sale we have been able to achieve the best possible solution for the workforce in Poland and for the creditors of BM Praktiker International in Germany,” says insolvency administrator Seagon. He sees good opportunities for the new investor to lead the DIY stores into a successful future. “Praktiker is well known in Poland and has a good reputation there,” he adds. Praktiker Polska is the fifth international company that Seagon has been able to make over to an investor. In October 2013 came the sale of the group’s stake in Batiself S.A. in Luxembourg. This was followed by Praktiker in Ukraine, Bulgaria and Romania. Seagon expects to be in a position to sell more of Praktiker’s international companies to an investor in the weeks to come.