Coopernic takes stake in the Baltic

Coopernic has taken a majority stake in the Baltic group IKI. The IKI group is a major player in Lithuania (number 2 with an 18% market share) and growing fast in Latvia. Its 209 supermarkets generate annual revenues of €635 million, making it the third largest retailer in the Baltic countries.

In February 2006, five independent groups of companies – Colruyt (Belgium), CONAD (Italy), COOP (Switzerland), E.LECLERC (France) and REWE Group (Germany) – created Coopernic. To date, the alliance has entered multinational purchasing agreements with more than 100 suppliers, giving them access to new markets and distribution channels.

By taking a majority stake of 80% in IKI’s capital, Coopernic is pursuing its strategic objective of conquering new territories in high-growth markets, where consumption and purchasing power are rising fast.

Jef Colruyt adds: "Through its participation in IKI, Colruyt Group further strengthens and deepens its collaboration with the other Coopernic partners. The participation allows us to position ourselves better with respect to concentration fluxes of both multinational and integrated distributors. Furthermore, our IKI participation forms an appealing investment opportunity in a trendsetting retailer in the growing Baltic market."