Colruyt : increases stake in Fiets! to 100%

PRESS RELEASE - Halle (Belgium) - 4 December 2019 17h45 CET

Colruyt Group increases stake in Fiets! to 100%

Colruyt Group has increased its stake in the Belgian specialist cycle shop Fiets! to 100%. Earlier this year, the group acquired a 75% majority stake in Fiets! and a call option to in time increase its stake to 100%. This investment fits with Colruyt Group's ambition to respond to evolving consumer needs and to promote sustainable mobility.

Colruyt Group sole owner of Fiets!

Late March 2019, Fiets! and Colruyt Group decided to join hands to help the company successfully relaunch in Belgium. In consultation with the minority shareholders, Colruyt Group has now decided to exercise its call option and acquire the remaining shares. On 13 January 2020, Michel Verhaeren (former shareholder and CEO) will hand over the operational reins to Wim Teerlynck, who will be appointed Business Unit Manager of Fiets!.

12 specialist cycle shops in Belgium

Fiets! is a leading player in the sale of branded bicycles, cycle wear and accessories in Belgium. The company has a high-quality range of bicycles for business and private customers, which is available both offline and online. In the stores, customers are offered individually tailored advice on purchases as well as reliable and quick bicycle maintenance and repair services. By acquiring Fiets! Colruyt Group furthers its investments in sustainable mobility and promotes sustainable commuter traffic.

Dieter Struye, Colruyt Group's non-food manager: "The market for electric bicycles is booming and Fiets! is a young and dynamic company. We believe that the integration in Colruyt Group will contribute to the profitable growth of Fiets!." Thanks to Colruyt Group's investment the number of specialist cycle stores has in the meantime grown to 12, the most recent opening being in Sint-Pieters-Leeuw. The store network will continue to be expanded in the coming years in order to allow even more individuals and businesses to rely on Fiets! for bicycle purchases, maintenance or repairs.

Contact persons

For questions on this press release or for further information, please send an email to [e-mail] contact Stefaan Vandamme (CFO) or Liesbeth Nuelant (Investor Relations) by phone at [phone].

About Fiets!

Fiets! was founded in 2010 and has grown into a network of 12 specialist cycle shops in Belgium: in Antwerp, Boechout, Boortmeerbeek, Ghent, Hasselt, Herentals, Kuurne, Leuven, Merksem, Roeselare, Sint-Pieters-Leeuw and Wijnegem. Fiets! is a leading player in the sale of branded bicycles, cycle wear and accessories. The concept distinguishes itself by a high-quality offer and the expertise of its teams. Fiets! is a distributor of a number of top brands, including Trek, Flyer, Koga, Brompton, Cube, Gazelle. The specialist cycle shop also provides bicycle maintenance and repair services. Companies can lease or purchase company bicycles from Fiets!. More information can be found at www.fiets.be.

About Colruyt Group

Colruyt Group operates in the food and non-food distribution sector in Belgium, France and Luxembourg with approximately 570 own stores and 580 affiliated stores. In Belgium this includes Colruyt, OKay, Bio-Planet, Cru, Dreamland, Dreambaby and the affiliated stores Spar and Spar Compact. In France, in addition to Colruyt stores, there are also affiliated Coccinelle, Coccimarket and Panier Sympa stores. The group is also actively involved in the foodservice business (supply of food products to hospitals, company canteens and catering businesses) in Belgium (Solucious). The other activities comprise the sale of fuel in Belgium (DATS 24), printing and document management solutions (Symeta) and the production of green energy (Eoly). The group employs over 29.900 employees and recorded a EUR 9,4 billion revenue in 2018/19. Colruyt is listed on Euronext Brussels (COLR) under ISIN code BE0974256852.

Colruyt Group increases stake in Fiets! to 100%

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