Veritas is an iconic Belgian retailer specialising in sewing supplies and accessories, that began in Antwerp in 1892 and has since grown to 125 stores across BeLux. Despite its long and prosperous history, Veritas isn’t immune to the challenges retailers worldwide are facing in a changing retail environment.
Following a difficult and costly international expansion initiative in 2014 and combined with the pressures of the current retail landscape, Veritas developed a new growth plan consisting of multiple strategic initiatives and operational improvements. To implement this plan, the company needed additional financial means and decided to look for a new shareholder.
This triggered the search for an advisor that could assist Veritas in the challenging process to find the best-suited candidate.
How we helped
PwC proposed an integrated approach to Veritas. Our Corporate Finance (CF) team led the process and discussions with potential buyers. Our multidisciplinary Transactions team, made up of CF, Financial and Tax Due Diligence Services, Business Restructuring Services and Deals Strategy assisted with financial and tax vendor assistance, financial restructuring services, deal strategy and data analytics.
We found support for the Veritas brand in Belgian investment company CIM Capital, together with two entrepreneurs. Veritas now has the means to continue to write the pages of the Belgian retail history books.