Superhome Center (DIY) Ltd. has been acquired by Vasilitsi DIY Ltd.

Vasilitsi DIY Ltd. has successfully completed the acquisition of Superhome Center (DIY) Limited, Cyprus’ leading home improvement and DIY retailer, in a landmark US$98 million transaction. The deal involved the full transfer of ownership from Ermes Department Stores plc (51%) and Secora BV (49%), representing a significant step in Vasilitsi DIY Ltd.’s strategic expansion plans.

The leading home improvement and DIY retail chain in Cyprus, Superhome Center (DIY) Ltd operates six stores across all major cities, generating a turnover of US$95 million (€83 million) in the fiscal year 2024. Offering a wide selection of over 60,000 products for home improvement and DIY needs, it serves as a one-stop destination for both professionals and consumers. As part of its growth strategy, the company plans to expand its footprint with two additional stores over the next two years: one in Limassol, its second location in the city, and another in Paralimni, bringing the total to eight stores. Supported by this expansion and continued strong performance at existing locations, Superhome Center is projected to exceed US$114 million (€100 million) in annual turnover in the coming years.

A private investor acquired Superhome Center (DIY) Ltd. through Vasilitsi DIY Ltd., a special purpose vehicle (SPV) established specifically for this transaction. The investor is a Greek entrepreneur with prior investments in the building materials sector. Through the acquisition of Superhome, the new owner aims to enter the DIY retail market in Cyprus, with a long-term vision of expanding operations into the Greek market.

Ermes Department Stores plc, which holds a 51% stake, is the retail arm of Cyprus Trading Corporation plc (CTC), also listed on the Cyprus Stock Exchange. The company operates several stores across the fashion, beauty, food and beverage and department store sectors. Secora BV, a privately held company with a 49% shareholding, is owned by the proprietor of the largest DIY retail chain in Israel.

Oaklins’ team in Cyprus acted as the exclusive M&A advisor to the sellers, supported by Oaklins’ team in Latvia, which designed and executed a highly competitive sale process. Oaklins provided end-to-end support, including active management of bidder engagement and close coordination of legal, financial and operational due diligence to ensure successful completion within tight deadlines.