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CEWE acquires shares in leading French photo app specialist

High-growth French market leader for photofinishing apps becomes part of the European market leader in photofinishing: CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) has agreed on an acquisition of shares with the owners of the Cheerz Group (Paris). The Cheerz Group is growing dynamically in France, Spain and Italy with its "Cheerz" premium brand, targeted mainly at smartphone users. CEWE is initially acquiring around 80 % of the shares in the Cheerz Group for 36 million euros. The transaction estimates the company at around slightly more than one-and-a-half times the expected turnover for 2018. For the time being, the CEWE Board of Management expects the takeover – including the purchase price allocation and the transaction costs – to still have a negative impact on EBIT in an amount of around 4 million euros.

Sustained positive effect on value of the company expected
The CEWE Board of Management expects the acquisition of shares to generate additional growth in mobile business to strengthen business in France and Southern Europe. The Board also expects synergies in the areas of mobile competence, sales, production and logistics. "We are convinced that this investment will have a sustained positive effect on the value of the entire company," says Dr. Christian Friege, Chairman of the Board of Management of CEWE Stiftung & Co. KGaA. " Besides the classical synergies, it was the clear focus on customers, the user-friendly concept, the positioning as a premium brand and the technological know-how of the strong, entrepreneurial management that convinced us. We intend to maintain this positive culture and these skills. Cheerz stands for an impressive idea: getting a cool product quickly!" Dr. Friege continues. Aurelien de Meaux and Antoine Le Conte, Cheerz founders, add: "We are delighted to have found a partner in CEWE who stands for the highest product quality and scalability, thus being in a position to give maximum support to our dynamic growth in France and Southern Europe. "We wish to grow into a new dimension with a real European champion – quickly, easily and directly. This is what we are. For us it was important that CEWE appreciated out corporate culture and wished to maintain it. A perfect match!"

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