BWG chiefs in ?390m Spar buyout
THREE executive directors of BWG, the wholesale group that operates the Spar and Mace franchises, have bought out the company for ?390m, it was confirmed yesterday. Leo Crawford, John Clohisey and John O'Donnell, under the company Triode, bought a 65pc stake in BWG from Cognetas European Fund, formerly known as Electra Partners.
The men, who were already shareholders in the company, paid around ?250m for the remaing 65pc shareholding. Mr Crawford, who is group chief executive, said last night it was "a full and fair price for the business".
The three men led the management team behind the buyout of BWG from Pernod Ricard in August 2002 for ?220m.
The company has been a key player in driving the fast-growing convenience market, and the valuation reflects this.
AIB will provide funding for the deal, and no private-equity investor is involved in the funding.
Triode was advised by NCB Corporate Finance and McCann Fitzgerald, solicitors. Triode also announced that it was appointing Peter Murray as chairman of the board.
He is a former chairman of Anglo Irish Bank.
BWG supplies a network of symbol stores across the Republic and the UK that comprises 439 Spars, Eurospars and Spar Express outlets and 130 Mace stores in the Republic and 327 Spar stores in the UK.