Swap business in the market for non-food discounters: Tengelmann takes over the entire Kik textile business. In return, the cheap chain Tedi goes to H.H. Group of companies.
Tengelmann boss Christian Haub is reorganizing the retail group and will completely take over the textile discounter Kik. With effect from January 1, 2021, Tengelmann will use the current H.H. Group of companies will acquire shares in Kik, the company announced on Wednesday.
In return, H.H. Group acquired the stake owned by Tengelmann in the non-food discounter Tedi on April 30, 2021. The parties have agreed not to disclose the respective purchase price. The transactions are subject to the usual antitrust reservations.
After more than 25 years of successful cooperation, the two family businesses will go their separate ways in the future, according to the announcement. The group of companies around long-standing Haub business partner Stefan Heinig has held 15.2 percent of Kik so far.
Obi also belongs to Tengelmann
Tengelmann has a 30 percent stake in Tedi. “In the future we will implement our entrepreneurial ideas separately from one another, but will remain on friendly terms”, the sole managing partner of the Tengelmann Group, Christian Haub, is quoted in the press release.
In addition to Kik and the Obi DIY chain, the Tengelmann Group also has numerous investments in start-up companies. In 2019, the group with more than 90,000 employees had sales of 8.1 billion euros.
After the sudden disappearance of his brother Karl-Erivan Haub, Christian Haub took over the helm in the group of companies on a ski tour in the Valais Alps. An inheritance dispute has been smoldering in the Tengelmann family ever since.