Sklavenitis and Marinopoulos, two of Greece’s biggest supermarket chains, announced a deal on Friday for the former to undertake the management of the latter’s hypermarket stores, which account for a third of Marinopoulos’s turnover.
The new company will operate a network of 33 stores, currently owned by Marinopoulos Group in large urban centers, and will plan a future expansion of the network.
The two groups will have an equal share in the new company and an equal number of board members, with Marinopoulos Group choosing the non-executive chairman of the board and Sklavenitis the chief executive.
These units currently employ more than 3,000 people while their turnover was around 325 million euros in 2015.
Joining forces
The two companies, commenting on the agreement, jointly announced: “Two Greek families with a long presence in the retail commerce sector are joining forces to the benefit of consumers, Greek producers and their employees. We hope that with this new company will positively contribute to support the Greek economy”.
Completion of the deal is expected in the next two months after approval by competition authorities.
According to reports, the deal with Sklavenitis constitutes part of the Marinopoulos group’s restructuring plan, which also includes the sale of a majority holding in its pharmaceutical subsidiary, Famar. It is possible the joint venture model will also be implemented for other companies in the group. Sources say there is an interest from rival chains Vassilopoulos and Masoutis.
The deal is also being seen as an economic lifeline for the Marinopoulos group, while suppliers have also expressed satisfaction, in hopes of an earlier payment of Marinopoulos’s debts to them.
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