Dia Retail Completes Sale of Clarel to Trinity Group
Dia Retail, a subsidiary of Dia, has finalized the sale of its Clarel beauty stores to Trinity Group, a Colombian conglomerate, following the fulfillment of all conditions tied to the deal announced in December. The transaction is now considered closed after Dia confirmed that the buyer obtained the necessary concentration control approvals from the European Commission and the national competition authorities. European regulators approved the acquisition of Clarel by Trinity in February, paving the way for the closing. The completion brings in an initial payment of 11.5 million euros, with potential additional amounts still to be determined under the terms of the contract between the seller and the buyer.
When the December agreement was first disclosed, Dia explained that Clarel’s sale was expected to total about 42.2 million euros. The agreed milestones included a minimum initial payment of 11.5 million euros due in 2024, plus a further 15 million euros slated for 2029. Additionally, the contract provided for the seller to receive an outstanding receivable of 18.7 million euros, to be collected over time, which would bring the overall value of the deal to roughly 42.4 million euros. The transaction covers the entire Clarel network within the country, comprising around 1,000 Clarel stores and three distribution centers amid the retailer’s national footprint.
As part of the closing, Dia stressed that the deal would have no impact on its consolidated 2024 earnings. Since August, the company had been seeking a new buyer for the more than 1,000 Clarel stores after nullifying a prior agreement with C2 Private Capital valued at 60 million euros. That earlier arrangement was terminated on July 31 after the suspensive conditions were not met, according to the supermarket chain. The pursuit of a new buyer subsequently led to Trinity stepping in as the purchaser, aligning with the strategic move to divest non-core assets and streamline the business portfolio.
The finalized agreement with Trinity includes a complete portfolio of assets along with the extensive store network and distribution sites. The closure marks a decisive shift for Dia as it reallocates resources and focuses on core operations, expanding Trinity’s footprint in the regional beauty segment. The buyer’s confirmation of control and the regulatory clearances are seen as pivotal milestones that remove lingering regulatory barriers and confirm the strategic direction for both parties. The financial terms reflect a blend of upfront liquidity and contingent consideration designed to align with the evolving marketplace for regional beauty retailers.
Analysts note that the transaction aligns with broader regional trends where multinational buyers acquire established retail platforms in Latin America and Europe for their scale, logistics capabilities, and brand recognition. The Clarel chain, with its marked presence in the country, provides Trinity with a ready-made distribution network and established customer relationships. For Dia, the sale represents a move to concentrate on core operations while preserving value through structured payments and potential post-closing considerations. The deal is also expected to simplify Dia’s capital structure and strengthen its strategic focus on core growth initiatives while retaining a long-term revenue stream through the staged payments described in the agreement. This approach is consistent with Dia’s post-transaction strategy of balancing asset divestitures with ongoing financial flexibility [Citation].
Regulatory and Market Context
The sale was pursued under a regulatory framework that requires clearances for concentration of market power when a buyer acquires a sizeable retail chain. The European Commission’s approval and the concurrency with national competition authorities were critical to concluding the deal. With these approvals in place, Trinity can integrate Clarel into its existing operations, leveraging scale and potential cross-selling opportunities across its extensive retail network. Market observers will be watching how Trinity optimizes Clarel’s store footprint and distribution network while maintaining brand value and customer experience across locations.
From a corporate governance perspective, the closing of this sale offers Dia a clearer path to refocus on flagship activities and core markets. The deal demonstrates how large retailers can strategically divest non-core units while preserving shareholder value through a combination of upfront payments and contingent earnouts. Trinity, on its side, gains access to a nationwide beauty and personal care platform, with the potential to expand offerings and optimize logistics to improve margins. In the evolving retail landscape, such transactions reflect ongoing consolidation and strategic repositioning among regional players seeking to reinforce competitive advantage and resilience against market volatility [Citation].