Non-food discount retailer Action reached the five billion euro turnover mark last year. Owner 3i now estimates the discounter's value at 10.25 billion euros and calls the coronavirus crisis just a "short-term disruption".
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The Dutch association of private equity companies (NVP) denounces the way in which the owners of Action and Hunkemöller are coping with the corona crisis. According to the lobby club, these retailers are shifting the consequences of the crisis too quickly and unilaterally to others.
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Investment company 3i, which owns Action, does not want to give up its interest in the non-food discounter. On the contrary, 3i even wants to expand its interest, but without paying for it itself.
Investor 3i wants to keep a hold of Action after all. Even though the owner made it seem like it was looking for a buyer, 3i now denies it.
Dutch discount chain Action has had enormous success since its acquisition by investment firm 3i. It was the group’s best-performing company once more last year and sets its targets at a 10 billion euro turnover.
Investment fund 3i is optics chain Hans Anders’ new owner, buying it from two other investment firms, Alpha and Alpinvest.
According to British business bank Morgan Stanley, Benelux discounter Action is worth about 10 billion euro, a “conservative calculation”. Majority shareholder 3i’s share immediately skyrocketed.