B&M enters French market with acquisition
B&M has acquired Paminvest SAS, a discount variety store chain which operates as Babou in France. Babou has 95 stores and was acquired by B&M subsidiary EV Retail from investment company PIM Participations and Babou founder Thierry Morter who has now retired. Cedric Mahieu, who has worked with B&M since January, has been appointed as the new CEO of Babou.
In other news B&M has also acquired a third party distribution services provider which will support its ambitious plans for expansion in the French market.
Simon Arora, CEO of B&M commented: "B&M has made no secret of its European growth plans since its IPO in 2014. We are delighted that discussions with Babou over a three year period have led to today's tranasction, which provides us with a platform for future growth in a large and attractive market whilst also providing s stable and logical new owner for Babou."