Romanian-Owned Paval Holding Acquires Greek DIY Chain Praktiker

Paval Holding, a Romanian investment group, has acquired the Greek home improvement and DIY retail chain Praktiker, marking a significant shift in the sector’s landscape in Greece. The acquisition puts an end to months of speculation surrounding the future of the chain, which was previously under the control of Fairfax Financial Holdings through its Luxembourg-based subsidiary.

The deal is estimated to be worth between €120 million and €130 million and grants Paval Holding ownership of a nationwide retail network, further strengthening its presence in the European DIY market.

A New Owner for a Familiar Brand

With this acquisition, Paval Holding—owner of Romania’s leading DIY chain, Dedeman—gains full control of Praktiker Hellas. The Greek chain operates 17 physical stores across the country, as well as an e-commerce platform, a call center, and a specialized B2B service unit called Praktiker Business. It currently employs 1,200 people and offers more than 60,000 products and comprehensive customer services.

Until June 20, 2024, Praktiker was 100% owned by Colonnade Finance Sàrl, a subsidiary of Fairfax Financial Holdings Limited, also based in Luxembourg. Ownership was transferred on that date to SCP Luxembourg S.à.r.l., another Luxembourg-based entity within the Fairfax group, prior to the recent sale to Paval Holding.

Financial Performance and Strategic Moves

According to its 2023 financial statements, published at the end of 2024, Praktiker Hellas recorded a 5.53% increase in turnover—from €177.69 million in 2022 to €187.52 million in 2023. However, the company remained loss-making, posting a €1.4 million loss for the year. This followed a €3.91 million loss in 2022.

During 2023, the company absorbed €1.4 million in accounting losses into previously carried forward losses totaling €4.84 million, pushing its accumulated losses to €6.2 million. Shareholder equity stood at €4.74 million at the end of 2023, down from €6.15 million the previous year.

Despite these financial setbacks, the company continued to invest in its infrastructure and market presence. It opened a new store on the island of Corfu and relocated its Alexandroupoli store to a more commercially strategic location. Additionally, five existing stores—in Pallini, Patras, Volos, Metamorfosi, and Tavros—underwent renovations, with plans for six more in progress. The retailer also advanced its digital transformation program through targeted investments.