Grupo Dia sells Clarel to Trinity Group for €42.2m: advisors
DIA Retail, a subsidiary of Grupo Dia, has reached an agreement with Grupo Trinity for the sale of Beauty by DIA, the company that operates the Clarel business. The price that DIA Retail will receive for the transaction, which may vary depending on certain parameters, would result in total estimated maximum funds of 42.2 million euros.
The price that DIA Retail will receive for the transaction, which may vary depending on certain parameters, is estimated to be a minimum of €11.5 million payable in 2024 and a potential additional maximum of €15 million in 2029.
Additionally, DIA Retail will receive a debt receivable of €18.7 million (€15.7 million net of cash) payable in stages (€4.2 million in 2024, €12.3 million in 2027 and €2.2 million in 2029), resulting in total estimated maximum cash proceeds of €42.2 million.
Clarel’s business, as of today, has a positive performance, improving year on year its profitability in recent times. The agreement reached includes approximately one thousand Clarel stores distributed throughout the country, three distribution centers, as well as other assets.
Legal advisors
Grupo Dia (seller) has been advised by Herbert Smith Freehills and Deloitte, while Grupo Trinity (buyer) has been advised by DLA Piper.
Principal image: José María Gil Robles, Diego Ramos, Paz de la Iglesia, Joaquín Hervada and Carlos Rodríguez (DLA Piper partners).
The DLA Piper team in Spain and Colombia, which advised on all phases of the transaction, was led by Felipe Quintero, partner in charge of corporate/M&A in Colombia and LatAm, and by José María Gil Robles, partner in charge of corporate/M&A in Spain. Also advising on the transaction were Héctor Gómez, legal director of corporate/M&A; Diego Ramos, partner in charge of intellectual property and technology; Paz de la Iglesia, partner in charge of labour; Joaquín Hervada, partner in charge of competition, and Miguel Higuero, associate in competition, all from Spain. Andrés González, partner in charge of tax in Colombia, Carlos Rodríguez, partner in charge of tax in Spain, and Ana Coto, associate in the same area, advised on the tax aspects of the transaction.
The Deloitte Legal team has counted with the participation of the tax department: José María Gómez Rosende (partner) and Daniel González Tejedor (senior associate). From the corporate M&A Legal department: Susana López Claver (director), Miquel Castro (senior associate) and José María Ortiz Rubio (associate). From the labour team: Xavier Pallarés (partner) and Anna Álvarez (senior associate).
