Romanian retail chain Annabella has successfully acquired its smaller competitor, Best Market, in one of the largest transactions in the food retail sector in Romania. The deal is also notable as it represents a significant agreement between two local players.
The negotiations between Annabella, controlled by the Mutu family, and Best Market, owned by entrepreneur Ion Soloman, took several months to finalize. Soloman revealed that another local retailer had shown interest in acquiring Best Market, but ultimately, Annabella’s owners had better chemistry with him.
Under the agreement, Soloman sold 12 Best Market stores to Annabella. Eleven of these stores are already operational, while one is still under construction and expected to open in August. All the stores are located in Dambovita County.
Previously, Best Market had a presence in Bucharest as well, but Soloman decided to close those units in 2022. The deal between Annabella and Best Market involves the transfer of premises, machinery, the Best Market brand, and the employees. Soloman stated that there are currently 150 employees working in the stores.
For Annabella, which is the strongest local retailer with 100 stores in the southern part of Romania, this acquisition represents its entry into Dambovita County. The move is expected to further strengthen Annabella’s position in the market and expand its footprint across the country.
The expanded Annabella network will bring convenience and a diverse range of products to consumers in Dambovita County. With its established presence and reputation in the retail sector, Annabella aims to provide exceptional service to customers and meet their evolving needs.
The acquisition of Best Market aligns with Annabella’s growth strategy and demonstrates its commitment to expanding its market share in Romania. By acquiring a local competitor, Annabella is well-positioned to leverage the strengths of both chains and drive further success in the dynamic Romanian retail industry.
As this deal is significant for both Annabella and Best Market, it highlights the competitive nature of the retail sector in Romania. Local players are playing a crucial role in shaping the market and driving healthy competition, benefiting consumers with increased options and better services.
The completion of this transaction showcases the resilience and adaptability of Romanian retail businesses amidst evolving market conditions. The continued investment and expansion by companies like Annabella signal optimism for the future of the retail industry in Romania.
Overall, the Annabella and Best Market deal marks a significant development in the Romanian food retail sector. It demonstrates the strength of local players and reinforces the importance of strategic acquisitions in driving growth. The combined forces of Annabella and Best Market are set to reshape the retail landscape in Dambovita County and create new opportunities for both retailers and customers alike.
