Belgian retail entrepreneur Jan Ollevier is preparing to sell his company: the eighty bathroom and furniture outlets of X²O, Overstock, Exterioo and Juntoo will soon get a new owner.
Strong expansion
According to Belgian business newspaper De Tijd, Ollevier engaged American business bank JP Morgan to supervise the sale of his retail group, which operates stores in Belgium and the Netherlands. Both financial players and industry peers would be eligible for the deal. It is unclear whether founder Ollevier, who currently holds 68.45 % of the shares, will stay on board. Apart from him, investment fund Vendis is the most important co-owner with 26.6 % of the shares.
Ollevier’s retail group has experienced a strong expansion in recent years and emerged from the Covid crisis victoriously: in the 2019-2020 broken financial year, the company realised a turnover increase of 42 % to 252 million euros. Operating profit was 47 million euros (+ 124 %). In the meantime, turnover is said to have risen to just under 400 million.
The group operates various retail formulas: X²O sells bathrooms in 39 showrooms, Overstock Home (recently renamed Juntoo) is active on the furniture and design market and has 16 stores, and Overstock Garden and Exterioo sell garden furniture through 25 stores.
