Polish retail chain Stokrotka has finalised its previously announced acquisition of a local chain of grocery stores operating in Poland’s Masovian Voivodship.

On 1 July, Stokrotka’s owner Maxima Grupė entered an agreement to take over the 14 grocery stores, whose total sales are expected to exceed €25m ($26.3m).

Stokrotka has since received unconditional antitrust approval and other conditions for the acquisition of 13 stores.

The process to integrate these stores under the Stokrotka brand is currently in progress.

The financial terms of the deal have not been disclosed.

At the time of signing the agreement, Maxima Grupė CEO and board chairman Mantas Kuncaitis said: “Following the takeover of eight stores which was finalised at the end of 2021, the recently signed takeover of 14 stores in the area of Masovian Voivodeship will further strengthen our position in the region and allow us to expand in addition to the planned organic growth.

“Despite challenging times, we believe in this region in terms of both security and growth opportunities.

“Therefore, we are further investing and were able to carry out a second acquisition within one year time frame.

“The transaction contains real estate element, which corresponds to our direction of strengthening real estate portfolio.

“We are keeping our focus to expand in the Polish market, both through organic growth and M&A activities with the main criteria that it would be a good fit within Stokrotka’s business model.

“Arūnas Zimnickas (and) his team are doing a great job, managing to maintain the expansion of the chain by almost 100 stores a year.”

Stokrotka operates a network of more than 800 own and franchised stores as of the end of last year.

The company has a turnover of more than €1bn and has been owned by Maxima Grupė since 2018.