Our goal is to develop the Delicatessen stores into S Group's flagship stores. We are aiming for the top level in Europe, and the Delicatessen stores' highly competent employees will play a crucial role in this respect.
Acquisition of Stockmann Delicatessen Business in Finland
We acted as the legal advisor to S Group in its acquisition of the Stockmann Delicatessen business in Finland. In the transaction, the Delicatessen stores in the centre of Helsinki, Tapiola and in the Itis and Jumbo shopping centres were transferred to HOK-Elanto. The Delicatessen store in Turku was transferred to the Turku Regional Cooperative, and the store in Tampere to the Tampere Regional Cooperative. The Stockmann Delicatessen chain operations was transferred to SOK and the Stockmann Delicatessen kitchen, which prepares Stockmann Meals foods, was transferred to S-Herkkukeittiö Oy, a subsidiary of SOK.
The debt-free transaction price was EUR 27 million.
S Group is a Finnish network of companies operating in the retail and service sectors. It has more than 1,600 outlets in Finland. S Group comprises the cooperatives and SOK Corporation along with its subsidiaries. In 2016, the S Group's retail sales totalled EUR 11 billion and S Group's operating result stood at EUR 290 million. S group had around 40 000 employees in 2016.
Stockmann, established in 1862, is a Finnish listed company engaged in the retail trade. It has about 8,000 employees. The Group's revenue in 2016 was EUR 1,303.2 million. Stockmann Delicatessen’s revenue in Finland, excluding the Oulu store, was EUR 127 million in 2016, with an operating loss of EUR 11 million. The stores represented 25% of Stockmann Retail’s merchandise sales and 12% of the Stockmann Group’s merchandise sales in 2016. Stockmann Delicatessen has around 800 employees in Finland.