Domino’s completes its acquisition in France
Domino’s has now completed its acquisition of well-known French pizza chain ‘Pizza Spirit’ for $AUD54.15 million.
“Further to the announcement on 14 October 2015, Domino’s Pizza Enterprises Limited is please to advise that the acquisition of Pizza Sprint was completed overnight (Australian time),” Dominos said in a statement issued this week to the Australian Securities Exchange (ASX).
Pizza Sprint was founded in 1991 and has 89 stores located across France. The acquisition will bring the total number of Domino’s stores in France to 330.
The Pizza Sprint business to be acquired delivers network sales of approximately €30.4m and achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of the order of €3.5 million in its most recent financial year ended 31 March 2015, inclusive of normalisation adjustments.
When the intention to acquire Pizza Sprint was first announced in October 2015 Domino’s CEO Don Meij labelled it a small but important acquisition for the chain.
“Pizza Sprint is a small but important acquisition which allows DPE to capitalise on the forward momentum we have been able to achieve in our European business, particularly in the last few years,” Meij said in October 2015.
“We continuously look for opportunities to grow, both within our existing business and through further acquisitions,” he stated.
