SPAR Group sold its Swiss interests to Swiss family office
The SPAR Group Limited entered into a sale and purchase agreement with the Swiss family office Tannenwald Holding AG, under the terms of which SPAR will dispose of its entire shareholding in its SPAR Switzerland operations.
The base equity value of the transaction is of CHF 46.5 million. In addition to the base equity value, SPAR will be entitled to further earnout payments of up to CHF 30 million due at the end of FY27.
Clairfield’s partner in South Africa (RMB) together with Clairfield’s Swiss office, served as joint financial advisor on this transaction which involved extensive negotiations over the last 18 months amidst a challenging Swiss retail backdrop. Clairfield and RMB’s role in the transaction has further solidified our position as trusted advisor and partner to SPAR.
SPAR’s decision to pursue the disposal of its Swiss operations followed a strategic review of its European assets which RMB and Clairfield in Switzerland advised on in 2024. The Group, which holds several SPAR country licences of the Dutch SPAR network, has been streamlining its international portfolio to maximise the return on capital allocated. The Swiss divestment follows last year’s sale of its Polish operations.
This was one of the most complex and high-profile transactions in the Swiss retail sector in recent years, involving:
- a network of more than 350 stores, 11 cash & carry outlets and one distribution centre,
- a process beginning with a full strategic review for the SPAR Board,
- a structured sell-side auction under regulatory and legacy challenges,
- and ultimately, a clean transfer of ownership back into Swiss hands.
This disposal will enable SPAR to streamline its operations and optimise returns, whilst also freeing up capacity and capital to focus on strategic growth priorities in its remaining core geographies.
Consumer & retail
Advisor to the seller
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