Polish retailer Piotr i Paweł has said that it is close to finalising the transaction with an as-yet-unnamed strategic investor in the business, with plans to reveal the identity of said investor shortly.
According to news portal Portal Spożywczy, Piotr i Paweł is ‘nearing the end of the M&A process’, following a comprehensive due-diligence process.
The business has undertaken some restructuring in recent weeks, with selected unprofitable outlets closed in a bid to improve group-wide profitability. It has also sought to renegotiate lease terms and simplify decision-making processes at its
headquarters, Portal Spożywczy reported.
In June, the group said that it was hopeful that, by the end of July, it would have completed the process by which an investor in the business would be selected, and for said transaction to be submitted to the UOKiK, the Polish competition authority.
Speculation at the time suggested that the potential investor could either be Auchan or Jerónimo Martins, both of which boast significant operations in Poland.
Piotr i Paweł currently operates 140 stores across Poland, as well as an e-commerce business.