Growth strategies inspire key acquisition in Cyprus’s DIY retail sector
Deal Flash
Vasilitsi DIY Ltd. has successfully completed the acquisition of Superhome Center (DIY) Ltd., Cyprus’s leading home improvement and DIY retailer, in a landmark US$107.35 million transaction. The deal included the full transfer of ownership from Ermes Department Stores plc (51% stake) and Secora B.V. (49% stake), and marks a bold step in Vasilitsi’s strategic expansion plans.
Superhome Center operates six stores in the island’s major cities, generating a turnover of US$95 million in the fiscal year 2024. Offering a wide selection of over 60,000 products, 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 in the city, and another in Paralimni. Supported by this expansion and continued strong performance at existing locations, Superhome Center is projected to exceed US$114 million in annual turnover in the coming years.
A private investor acquired Superhome Center through Vasilitsi DIY Ltd. The investor is a Greek entrepreneur with prior investments in the building materials sector. Through this latest acquisition, the owner aims to enter the DIY retail market in Cyprus, with a long-term vision of expanding operations into Greece.
This transaction is part of the Group’s strategic direction in order to achieve a significant reduction in leverage and to strengthen its financial position. Oaklins had a significant role in attracting the successful investor through its international network, and in contributing to the successful completion of the transaction through its professional associates.DEMETRIS DEMETRIOU, CHAIRMAN, CTC GROUP
Oaklins' involvement was critical to closing this deal
Oaklins acted as the exclusive M&A advisor to the sellers, designing and executing a highly competitive sale process. Oaklins’ team provided end-to-end support, including valuation advice, active management of bidder engagement, and close coordination of legal, financial and operational due diligence to ensure a successful completion within tight deadlines.
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