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NBG Venture Capital SA successfully exists Bulgarian D-I-Y investment
November 19, 2003 -- NBG Venture Capital SA successfully exited its investment in Doverie Brico AD, a Bulgarian company operating a chain of Do-It-Yourself (D-I-Y) retail stores in Bulgaria, NBG announced in a statement. Doverie Brico currently operates stores in the cities of Sofia and Plovdiv with a total selling area of about 13,500 square metres and estimated annual turnover of approximately EUR 25 million. NBG Emerging Europe Fund LP, a private equity fund advised by NBG Venture Capital which invests in Central and
East Europe with a primary focus on the Balkan region, sold and transferred its stake in Doverie Brico to Mr.Bricolage SA, the French
D-I-Y operator listed on the Euronext Paris Second Market. The closing took place in Paris on November 19th,
2003 upon signing of the sale and purchase agreement by Mr. Leonidas Tsibouris, General Manager, NBG Venture Capital, and Mr.
Hervé Courvoisier, Directeur général délégué, Leonidas Tsibouris, General Manager of NBG Venture Capital, stated: "Doverie Brico has performed very well so far in a difficult market with relatively low purchasing power. Although competition is expected to intensify with the potential entry of other DIY retail chains in the near future, I believe Doverie Brico is well placed to face such competitive challenges. The remaining shareholders in Doverie Brico (the Doverie Group and Mr.Bricolage) provide the company with an ideal combination of local management and international know-how. We wish them every success in the future development of the company." About NBG Venture Capital SA NBG Venture Capital, the private equity/venture capital arm of the National Bank of Greece Group, manages or advises capital commitments of almost EUR150 million. It pursues investment opportunities across industries primarily in Greece and in the neighboring countries of South-East Europe. About Mr.Bricolage SA
Listed on the Paris Second Market, Mr.Bricolage SA is the central organising and service unit of a network of nearly 600 shops specialising in D-I-Y, home and garden, under two brand names, Mr.Bricolage and Catena. It also handles the management of 72 owned shops. Since the purchase of the Tabur Group in 2002, all the member and owned points of sale constitute the third largest DIY network in France with a 13.5% market share and a presence in six other countries. Boasting 1 million square metres of sales space, the network, which earned EUR 1.2 billion in 2002, has confirmed its position as the local specialist by means of its locations in the heart of French cities, in the suburbs and in the rural areas. The relevance of its concepts and its offer as well as the motivation of the various players and partners of Mr.Bricolage, explain its ongoing development and growth for the sixth consecutive year and are the reason for the excellent results presented by Mr.Bricolage SA for 2002. Sources: NBG Venture Capital SA, Mr.Bricolage SA. Related articles:
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