The Maxeda DIY group has asked merchant banks JP Morgan and Citibank to look at ‘all possible options’ for its four do-it-yourself formats, including Praxis and Formido in the Netherlands.

Maxeda DIY plans to carry out ‘a comprehensive review of all strategic options for its strong and successful DIY formats which may result in a sale,’ the company said in a statement.

Maxeda DIY operates some 370 DIY stores in the Netherlands, Belgium and Luxemburg and has a workforce of some 6,000.

Challenging markets

‘All our DIY formats have achieved strong market positions and have shown robust financial performance in a challenging market,’ supervisory board chairman Tony DeNunzio said. ‘We are confident our DIY formats are now ready to take the next step in their growth strategy.’

The Maxeda DIY Group stems from Maxeda, the name given to Dutch retail group Vendex-KBB when it was bought by private equity some 10 years ago.

Most of the companies, such as Hema, V&D and the Bijenkorf, department stores, have already been sold. The DIY stores are the last to be divested.

Last month, Dutch retail group Macintosh said it is reorganising its operations and put its discount DIY group Kwantum up for sale.