Matas chain of pharmacies sold
Owners of Matas medicine and cosmetics stores accepted a billion
kroner offer from British capital fund CVC on Sunday in Vejle, Jutland.
The storeowners' decision to accept CVC's bid of DKK 5.2bn ended a
dramatic bidding war with Axcel to purchase the chain, which posted a
turnover of 1.6bn last year.
The Matas stores' blue and white striped logo is a common scene on
street corners with 291 stores nationwide. The chain's franchise
ownership structure gives storeowners a say in company matters.
Storeowners' caught wind that Axcel's bid was actually higher than
CVC's, leading them to accuse board members of promoting CVC for
personal gain, a claim the Matas board dismissed.
Lars Frederiksen, chair of the Matas board, was tight-lipped as to why the CVC bid proved the winner.
'I don't want to go into the details, but personally my decision has
been influenced by recent exchanges in the press. In cases like this,
feelings play a larger role than money.'
Christian Frigast, the CEO of Axcel, accepted defeat after leaving the general meeting in Jutland.
'We have to acknowledge that CVC won. Those are the rules of the
game. There has been a democratic decision in Matas, and we accept
CVC's plans for the Matas stores' did not immediately include an
offensive outside of the country, said the fund's CEO, Søren
'In the short term, we will continue with the basic values in Matas
that emphasise employees' professional skills,' said