Business
Acquiring full control of Shorecal
Acquiring full control of Shorecal.
About this update from Domino's Pizza Group Plc
[{"type":"text","content":"\n\n12 March 2024 LEI: 213800Q6ZKHAOV48JL75\nThis announcement contains Inside Information\n \nDomino's Pizza Group Plc\nAcquiring full control of Shorecal to meaningfully accelerate growth in Ireland\n\nDomino's Pizza Group plc (\"DPG\" or the \"Company\") is pleased to announce that it has signed a binding sale and purchase agreement to acquire the remaining 85% shareholding it does not already own in Shorecal Limited, the largest Domino's franchise business operating in the Republic of Ireland and Northern Ireland (\"Shorecal\"), from Charles Caldwell, Adrian & Anne Caldwell (collectively, the \"Caldwells\"), and SC Holdings I Ltd, an investment vehicle controlled by Radcliff Management in partnership with the Bronfman Family Office LLC, (the \"Sellers\"), for a total consideration of €72m (approximately £62m) (the \"Consideration\"), subject to completion adjustments. DPG will also repay the outstanding debt on completion, currently €19.9m (approximately £17.3m) (the \"Transaction\").\nShorecal is a leading Domino's franchisee on the island of Ireland, operating 34 of the 99 Domino's stores across the Republic of Ireland and Northern Ireland.\nFollowing DPG's recently announced growth framework, the Company has been working at pace to execute against its intention to review its corporate store estate and joint ventures. Against this backdrop, and DPG's recent investment in its Irish supply chain centre, the Transaction provides a unique opportunity for DPG to accelerate Shorecal's growth, materially increase the store count, and leverage the capacity in the new supply chain centre, continuing to provide great tasting products and service to our customers. Shorecal's existing management will remain in role to accelerate the growth, supported by the experienced, and recently expanded, DPG team.\nAt completion, 61% of the Consideration will be payable to the Sellers in cash, with the remaining 39% to be satisfied by an issuance of shares in the Company (...