Steinhoff’s stealthy bid for Mattress Firm and other facts about the retailer
Acquisitive Steinhoff could be eyeing Shoprite as its next meal after Christo Wiese, the single largest shareholder in both groups, said at Shoprite’s annual general meeting on Monday that a tie-up with Steinhoff would give Shoprite an international balance sheet. Here are 10 facts about Steinhoff: 1. Steinhoff has invested more than R70bn in acquisitions in the past year alone. 2. The group’s $2.4bn acquisition of Houston-based Mattress Firm Holdings earlier this year created the world’s largest multi-brand mattress retail distribution network. Not a word was heard before Steinhoff made its bid for Mattress Firm, leading one stunned employee to say: "I came home from vacation to find out our company had been sold." 3. Shoprite would not fit the typical profile of a Steinhoff acquisition. Exane BNP Paribas analysts say Steinhoff usually targets localised retailers with strong brand awareness, which can be complemented by Steinhoff’s supply chain. The target businesses would usually ...
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