There is only one takeover candidate for it Hema: the Dutch investor Parcom in Jumboowner Van Eerd begin exclusive negotiations with the chain’s shareholders. Former owner Marcel Boekhoorn would no longer participate.
From three candidates to one
Parcom remains alone in the race for Hema: the Dutch investor beat the opposing candidate another. Parcom is supported by the Van Eerd family, the owners of the supermarket chain Jumbo with whom Hema has been working closely for a year. A limited Hema range can be found in both the physical stores and the Jumbo webshop.
There are currently exclusive negotiations started with creditors van Hema, who acquired the department store chain this spring. Former owner Marcel Boekhoorn then demanded a radical debt rescheduling, but the investors took the power to themselves in return. Not planning to act as a retail owner themselves, the creditors did immediately start looking for a new buyer.
Apart from Parcom, two other candidates remained in the running for a long time: Alteri, the former owner of the bankrupt Intertoys, and a citizens’ initiative by concerned customers and (former) employees of Hema. Several citizen initiatives joined forces to form The Only Dutch Alternative (HENA) and soon decided to go for a minority stake in the retailer. Originally Marcel Boekhoorn himself also joined the offer from Parcom, but that entrepreneur would now have disappeared from view, reports Het Financieele Dagblad.
Fear of abuse
In the Netherlands, there is great concern that Hema will join after the period Lion Capital would fall back into the hands of private equity players who suck the retail icon empty. Ex-owner Lion Capital saddled the department store chain with a mountain of debt of hundreds of millions. That would be at the root of the current difficulties.
This concern may also be the reason why Alteri no longer plays a role: the bankruptcy of Intertoys cost the Netherlands a lot of jobs and money, but the investor himself, as a creditor, raised 41.4 million euros. Alteri had barely had the toy chain in its portfolio for a year and a half.
The deal with Parcom is certainly not yet complete. There should still be due diligence and the investor is still seeking financing for the acquisition. Next week, Hema will open a booklet about the sales figures for the past quarter, which ended at the beginning of August.