Dutch distributor and travel retailer B&S International expects its sales to hit €1,000 million (US$1,237 million) this year following the formal completion of the acquisition of Royal Capi-Lux last Thursday.
As stated in June when the two companies signed an agreement to make the purchase, Capi-Lux will continue to operate under the management of the current CEO, Peter Wiggers, and CFO, Paul Degenhart, as a separate division within the B&S group but expansion will be a big part of the planned development going forward.
Sales at B&S in 2011 were €829 million versus €90 million for Royal Capi-Lux and B&S is expecting to exceed €1,000 million as the acquisition, plus possible new locations, boost second half numbers.
Bert Meulman, CEO of B&S, is enthusiastic about Royal Capi-Lux’s retail concept: Capi – The Travellers Electronics Company. He says: “Capi has been performing excellently in a challenging consumer electronics market. Every detail in their shops is exclusively designed for travellers’ convenience. B&S and is looking forward to expanding this concept to other airports as well as other areas of duty-free retailing.”
With the transfer of shares completed, Peter Breuer (left in picture) from the family which owned Capi-Lux, symbolically handed Meulman a key to the Capi headquarters in Hoofddorp and an Ivens & Co print. This print is one of a series of Art Nouveau advertising posters made by the designer JC van Caspel around 1910 for CAP Ivens, owner of the photographic equipment shop