Vendex KBB
| Company type | Private |
|---|---|
| Industry | Retail |
| Predecessor | Vendex, Koninklijke Bijenkorf Beheer |
| Founded | 1999 |
| Headquarters | Amsterdam , Netherlands |
Area served | Benelux |
Key people | Guy Colleau (CEO) |
| Products | DIY retail (Praxis, Brico) |
| Owner | Kohlberg Kravis Roberts & Co. (KKR) |
Number of employees | 7000+ |
Maxeda is a retail enterprise based in the Netherlands, owned by the American investment firm Kohlberg Kravis Roberts & Co. (KKR). It currently dominates the DIY retail market throughout the Benelux region. After acquiring Vendex KBB (where KBB stands for Koninklijke Bijenkorf Beheer), Maxeda held ownership of prominent Dutch department stores such as Vroom & Dreesmann and De Bijenkorf (both divested in 2010), as well as HEMA, which was sold in 2007.
Activities
Maxeda DIY Group is a leader in the DIY retail sector, operating 345 outlets across the Benelux countries and employing more than 7,000 staff members. The stores generally cover an area between 3,000 and 5,000 m2, trading under the Praxis brand within the Netherlands (195 locations) and Brico throughout Belgium and Luxembourg (153 locations). The group's yearly revenue is close to €1.3 billion. Altogether, their retail space surpasses 1 million m2, catering to over 1.5 million customers weekly through both physical shops and online platforms.
History
The company originated in 1999 from the merger of Vendex, known primarily for its Vroom & Dreesmann chain, and Koninklijke Bijenkorf Beheer, which owned De Bijenkorf and Hema. Initially, it was named Vendex KBB NV.
In 2004, a consortium led by KKR, including Change Capital Partners and AlpInvest Partners, acquired Vendex KBB NV. Change Capital subsequently withdrew from the group. By July 2004, VDXK Acquisition BV had completed full ownership, privatizing the company and removing it from Euronext Amsterdam's Midkap index. During restructuring, the company dropped the "Koninklijke" royal prefix from its name.
At that period, with headquarters in Amsterdam, Maxeda employed around 25,000 individuals across seven countries and reported net sales exceeding €4 billion for 2003/04. Tony DeNunzio held the position of CEO.
In June 2006, Vendex KBB adopted the Maxeda name to signify a renewed strategic direction.
By July 2007, Maxeda divested HEMA to British private equity firm Lion Capital. Industry analysts valued this transaction at about €1.3 billion, roughly equivalent to HEMA’s sales in 2006. At that time, HEMA operated approximately 336 stores with a workforce of around 10,000 employees across multiple European nations.
Around 2010, Maxeda redirected its business strategy to focus solely on DIY retailing by divesting all fashion-related divisions: Vroom & Dreesmann was sold to Sun Capital Partners, De Bijenkorf transferred to Selfridges Group, lingerie chain Hunkemöller went to PAI Partners, and in January 2011, women’s fashion chain M&S Mode was sold to Excellent Retail Brands group. When sold, M&S Mode maintained an international presence with 417 stores.
In 2016, private equity firms Ardian and Goldentree converted outstanding loans into equity stakes in Maxeda. Shortly after, CEO Roel van Neerpelt left for Friesland Campina; his successor was Guy Colleau, who previously worked at Kingfisher.
Do-it-yourself chains
Former chains
Clothing
- MS Mode (previously M&S Mode) (Netherlands, Belgium, Luxembourg, Germany, France, Spain) – sold in 2010 to Excellent Retail Brands
- Hunkemöller (Lingerie) (Netherlands, Belgium, Luxembourg, Germany, France, Denmark, Aruba, Curaçao, Saudi Arabia, Bahrain, Qatar, UAE, Kuwait) – divested in 2010 to PAI Partners
- Claudia Sträter (Netherlands, Belgium, Luxembourg, Germany) – sold in 2009
Restaurants
- La Place – sold alongside Vroom & Dreesmann to Sun European Partners
Department stores
- De Bijenkorf (Netherlands) – sold in 2010 for €290 million to Wittington Investments
- Vroom & Dreesmann (Netherlands) – acquired by American investment firm Sun Capital Partners in 2010
Variety stores
- HEMA (Netherlands, Belgium, Germany) – sold in 2007 to British investment company Lion Capital LLP
Consumer electronics
- Dixons (Netherlands) – transferred to Dexcom in 2006
Jewellery and watches
- Schaap & Citroen (Netherlands) – sold in 2009
Do-it-yourself
- Formido (Netherlands) – closed down in 2020
See also
Philips Computers, the previous owner of Vendex, which distributed personal computers under the Headstart label