ECONOMY

Vassilopoulos buys out no-frills supermarket chain Plus for 70 million

Listed supermarket retailer Vassilopoulos agreed on Friday to acquire the Plus Hellas retail chain for 69.5 million euros. This acquisition involves 33 outlets across Greece and a modern distribution center, strengthening the position of the listed firm in the north of the country. Plus Hellas belonged to the pan-European chain of no-frills stores Plus, a subsidiary of German firm Tengelmann. Plus came to Greece in 2005 and began operating in 2006. The absorption process will be completed in the second quarter of the year, provided the Competition Commission approves the move, with Plus supermarkets getting upgraded and then adopting the Vassilopoulos logo. Plus Hellas, whose average store size is 795 square meters, had already been planning to open several more outlets. «Taking into account the geographical spread and its assets, the acquisition of Plus Hellas will be an excellent investment opportunity that will bolster the position of Vassilopoulos,» said the company’s chief executive, Costas Machairas.