Steinhoff thirsty for more deals in bid to double valuation in five years
Steinhoff International [SNH:SJ], the South African retail holding, has the capacity to finance more takeovers following this month’s USD 2.4bn acquisition of Mattress Firm, a newswire report said. According to a Bloomberg interview with Steinhoff Chairman Christo Wiese published on Friday (19 August), acquisitions are in the company’s DNA and are part of CEO Markus Jooste’s ambition of building a global retail group.
Besides “sheer size”, Steinhoff wants acquisition targets to have strong cash generation, good management teams and the capacity to grow, Weise said. In any market Steinhoff enters it wants to be in the top three, he added.
The company is currently looking at a large number of proposals, propositions and opportunities, although Weise declined to be more specific in terms of identifying potential targets, the report said.
The rapid pace of Steinhoff’s dealmaking so far this year could either slow down, continue or accelerate, Weise said.