Fairfax Financial Holding acquires Praktiker company in Greece
• Christopher Seagon, insolvency practitioners in can save by selling all 14 locations and all about 1,100 jobs by practitioners in Greece
• Praktiker Hellas AE Athens, with 195 million euros in annual sales, the largest foreign company Praktiker Group
• Fairfax Financial is a Canadian financial services holding company, which traces the development of long-term corporate values
Hamburg, 8 April 2014. Fairfax Financial Holdings Limited of Canada takes over the foreign company Praktiker Hellas AE, Athens of the Praktiker Group. A contract to have a lawyer Christopher Seagon, insolvency practitioner of BM International GmbH, signed yesterday. About the economic conditions of the transaction, both sides have agreed not to disclose. The acquisition is still subject to the usual conditions of the approval by the relevant creditor committees.
In terms of sales practitioners with Hellas last 195 million Euros annual turnover is the largest foreign company from the Praktiker Group. Practitioner is represented in Greece at 14 locations and has 1,100 employees. Insolvency Seagon had negotiated in a structured and competitive bidding process to end up with several interested investors. This Fairfax had submitted the best overall bid for all involved. Fairfax takes over all locations and employees. According to the company Fairfax will continue to lead the company under the Praktiker brand.
Fairfax is known since 1985 for the long-term development of corporate values ??and has a long track record of investments in international companies with strong growth potential (including investments in Greece and across Europe). For Seagon Fairfax fits so very well to practitioners Hellas. “The product range of practitioners is essential in Greece wider than it has been in Germany,” says Seagon. Apart from the typical hardware store items, it also includes household and electrical items such as washing machines and televisions. “A broad-based investor with appropriate financial resources therefore has good conditions to successfully grow the business of Praktiker in Greece” Seagon is convinced.
“We continue to believe in the rest of Greece under the leadership of Prime Minister Samaras,” said Prem Watsa, chairman and CEO of Fairfax. Greece continues to make significant progress towards the revitalization of its economy by promotes foreign investment and create positive momentum that tremendous gains in employment and sustainable economic development. “We are therefore excited about the acquisition of Praktiker Hellas, a pioneer and consistent leader among the Greek home improvement markets. We are also convinced that practitioners Greece under the leadership of Jannis Selalmazidis and his team one of the best run companies in this market, “says Watsa on.
Praktiker Hellas Athens is the sixth foreign company, the liquidator Seagon can transfer to an investor. Already in October 2013 he sold the shares in Bâtiself SA in Luxembourg. In February 2014 was followed by Praktiker in Ukraine, Bulgaria and Romania, in March practitioners in Poland.
Background BM Praktiker International
The BM practitioner International GmbH is a holding company within the Praktiker Group. Or shares in these companies – – In this Holding a total of 11 companies combined. BM Praktiker International had made in consequence of the various bankruptcies within the Praktiker Group beginning of October 2013 the local court in Hamburg request to open insolvency proceedings. The method was 21 Opened in October 2013 by the District Court of Hamburg and lawyer Christopher Seagon appointed as liquidator.
Background Fairfax Financial
Fairfax Financial Holdings Limited is a Canadian financial services holding company that operates through its subsidiaries in the property and casualty insurance and reinsurance and investment management.