Colruyt will immediately buy a 40 per cent interest in the business and have an option to acquire the rest of Vendis’ shareholding, which would take its stake to 50 per cent.
Since receiving an investment from Vendis in December 2009, ZEB has expanded to 46 stores from 21 and made significant investment in its logistics and IT platform.
The deal marked the first exit for Vendis, which has invested €76m in eight consumer companies based in the Benelux region and France.
Vendis said the deal is expected to close this summer after getting the green light from the Belgian anti-trust authorities.
The firm’s other recent deals include an investment in Belgian jewellery company the Victoria Group.
Vendis closed its debut fund on €111m in January 2011, beating its €100m target.
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