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Pingo Doce arrives in Azores, by agreement between the Groups Finançor and Jerónimo Martins

The Finançor Group, through its subsidiary Finançor – Agro – Alimentar, S.A. (Finançor), and the Jerónimo Martins Group, through its distribution companies in Portugal, today signed an agreement to ensure the best assortment and prices in the Azores food sector, under the Pingo Doce and Recheio banners.

This partnership between the two Groups bolsters national coverage of the banners, extending the same attractive and competitive value propositions that made it market leader in mainland Portugal and Madeira to Azorean consumers and to professional operators in the traditional retail sector and HoReCa channel in the Autonomous Region.

Under the agreement, which is still awaiting official approval, Jerónimo Martins will hold a minority share of 20% in Finançor Distribuição Alimentar, S.A. (formerly Marques Comércio a Retalho, S.A.) and Finançor Cash & Carry, S.A. (formerly Marques Comércio por Grosso, S.A.).