METRO sells its Belgian operations

15 June 2022
Having undertaken an extensive review of the available options, METRO AG has decided to sell its Belgian operations MAKRO Cash & Carry Belgium N.V. to Bronze Properties S.à r.l.
  • METRO aims for leading market positions in wholesale
  • Belgian operations do not form part of METRO's sCore growth strategy despite significant efforts to improve performance
  • METRO has therefore taken the decision to sell operating business (METRO and MAKRO Belgium) to investor Bronze Properties S.à r.l.
  • Transaction was signed and closed today
  • Real estate portfolio (11 stores) will remain with METRO AG
  • Transaction will lead to approx. €150 million transaction loss and approx. €20 million recurring EBITDA uplift
  • METRO confirms its sales and EBITDA adjusted outlook for FY 2021/22 and the mid-term targets

METRO aims to achieve the market position as a leading food wholesaler. Having undertaken an extensive review of the available options, METRO AG has decided to sell its Belgian operations MAKRO Cash & Carry Belgium N.V. (including METRO and MAKRO sales lines as well as METRO Delivery Service N.V.) to Bronze Properties S.à r.l.. The company is a portfolio investor that has teamed up with retail specialist and financing partner GA Europe. The transaction was signed and closed today. Both parties have agreed not to disclose the financial terms of the transaction.

MAKRO Cash & Carry Belgium N.V. has been operating since 1970 and today has 17 stores and approx. 2,000 employees. MAKRO caters to end consumers while METRO focuses on professional HoReCa customers. In addition, METRO Delivery Service operates the food service delivery business.

The divestment of the Belgian operations will result in approx. €150 million one-off transaction costs in Q3 2021/22 and an average recurring EBITDA uplift of approx. €20 million on group level. The real estate portfolio of 11 sites (without the Liege site which formed part of the transaction) will remain with METRO AG.

MAKRO Cash & Carry Belgium has faced significant pressures over a number of years and operates in a very competitive market which has resulted in declining sales and negative profitability. Through steady capital injections and investments in expansion and remodellings, in a relevant triple-digit million Euro amount, METRO has continuously provided financial assistance to the Belgian operations in order to improve performance. In the financial year 2020/21 the business achieved total sales of €646 million and adjusted EBITDA was negative.

“Within METRO’s sCore growth strategy that defines key areas of sustainable growth leading up to 2030, we have carefully and comprehensively evaluated the options available with respect to our Belgian operations. We have subsequently taken the decision to sell our Belgian operations to Bronze Properties S.à r.l.”, said Dr Steffen Greubel, CEO of METRO AG. “On behalf of our Management Board, I extend my sincere appreciation and thanks to our Belgian colleagues for their hard work and strong commitment in serving our customers over the past 50 years.”

METRO AG will offer certain transitional services and licenses as part of the transaction to enable the new owner to operate the business.

The transaction effects have no impact on the METRO outlook as they are treated as transformation costs resulting from a portfolio measure. METRO therefore confirms its sales and EBITDA adjusted outlook for FY 2021/22 (current year and prior year will not be adjusted for Belgium) and the mid-term targets.


METRO is a leading international wholesale company, with food and non-food assortments, which specialises in serving the needs of hotels, restaurants, and caterers (HoReCa) as well as independent merchants (Traders). Around the world, METRO has some 17 million customers who benefit from the wholesale company’s unique multichannel mix. Customers can choose between shopping in one of the large stores in their area or delivery (Food Service Distribution, FSD) – all digitally supported and connected. At the same time, METRO MARKETS is an international online marketplace for professional customers that has been growing and expanding continuously since 2019. Acting sustainably is one of the company principles of METRO, which has been listed in various sustainability indices and rankings for many years, including FTSE4Good, MSCI, CDP and the Dow Jones Sustainability Index. METRO operates in more than 30 countries and employs over 95,000 people worldwide. In financial year 2020/21, METRO generated sales of €24.8 billion. More information can be found at MPULSE.de, our online magazine.