Belgian department store chain Inno has found new owners, after a lengthy search. CEO Armin Devender and his management remain on board, but it is already clear that the acquirers have their own clear vision for the future. They already have plans to expand Inno into more cities and launch a new store concept.
Only ‘home’ for two months
Icelandic investment company SKEL (with chairman Jón Ásgeir Jóhannesson) and Axcent of Scandinavia (owned by Swede Ayad Al-Saffar) buy Inno together, splitting the shares equally. Both are active investors with a long history in retail, but who are they and what can Inno expect?
Belgians first became acquainted with Al-Saffar earlier this year, when the Swedish-Lebanese businessman took over the majority of Casa‘s shares in April. At that time, the entrepreneur said he would ensure new growth and that he saw synergy opportunities by grouping its procurement with other chains in his group. Those include Swedish department store chain Åhléns, where Al-Saffar led a successful turnaround, jewellery chain Ur & Penn and watch brand Axcent of Scandinavia.
However, his story at Casa was not a long one: on 14 June, he quietly sold the company he had bought the chain with, AAS Retail, to CCO Frank Pruijn. Indeed, in the meantime, a new CCO was already in place, loss-making stores in the Netherlands were sold off and the interior chain launched a big sale to liquidate its stock. So why the sudden departure? Al-Saffar subsequently set his sights on Inno, the businessman now explains. “To avoid any semblance of conflict of interest, and to focus fully on Inno, it was decided to transfer my equity stake in Casa Holding.”
