The competition office GVH has approved the sale of DIY-chain Praktiker to Wallis Asset Management. The new majority owner holds ownership rights of the entire retail company, its real estate and brand name. The 19 shops will continue to operate under the Praktiker name.
The current managing director of Praktiker continues to take part in the company’s operative management as minority owner. Wallis Asset Management keeps the original brand name for the local operation.
Baumarkt Praktiker International GmbH, the German parent of the Praktiker chain in Hungary, went into liquidation in mid-October that year, but its Hungarian operation was offered for sale to investors. Bidders included Hungary’s MPF Holding and Eurogarden Ltd., as well as Switzerland-registered Papag AG, which had acquired Praktiker in Poland.
Praktiker has been present in Hungary since 1998. It currently operates 19 DIY stores and employs nearly 1 200 people.
