Carrefour signs agreement to acquire Codifrance from Colruyt, valued at 152 million euros
By targeting Codifrance, Carrefour is targeting a specialist in affiliation that supplies approximately 3,100 customers in France. This model consists of supplying and supporting independent retailers, a segment in which the distributor is already present through its Proxi banner.
Agreement signed, transaction not yet finalized
Carrefour announced on October 19, 2026 that it had concluded an agreement with Colruyt Group for the acquisition of Codifrance, a French company specializing in affiliation and proximity food distribution. At this stage, this is a commitment signed between the two parties: the acquisition has not yet been completed and remains subject to several conditions precedent. The enterprise value retained for this operation amounts to 152 million euros. This amount, which corresponds to the valuation of the target in the context of the transaction, should not be confused with its business activity. For the 2025-26 fiscal year, Codifrance achieved revenue of 307 million euros. The company employs approximately 380 employees and operates three distribution centers. These warehouses constitute the logistics infrastructure that allows it to serve its customer base of retailers throughout French territory. The seller, Colruyt Group, is thus divesting an activity as a wholesaler focused on proximity sales outlets. For Carrefour, the interest in the transaction lies less in the size of the target than in the nature of its business. Codifrance supplies approximately 3,100 customers in France and operates three distribution centers, two components on which Carrefour intends to rely as part of the acquisition. The group explicitly cites these two elements, as well as the expertise of its teams, among the levers on which it is counting.
An acquisition aligned with the Carrefour 2030 plan and the Proxi banner
The distributor is incorporating this project into the execution of its Carrefour 2030 strategic plan. In France, the group already supports independent retailers, notably through the Proxi banner, which has more than 1,500 stores. The arrival of Codifrance should, according to the press release, strengthen its position in proximity retail and its capacity to serve this type of partners. Alexandre Bompard, chief executive officer of Carrefour, directly links the transaction to the plan's directions. He mentions the objective of "continuing our growth in Proximity and carrying out selective acquisitions on assets of great value." The executive presents Codifrance as a company "extremely complementary to Carrefour Proximité." The scale of the target must be viewed in relation to that of the acquirer. Carrefour achieved revenue of 91.5 billion euros in 2025 and operates a network of more than 15,500 stores in more than 40 countries. The transaction therefore concerns an asset of reduced size on the group's scale, targeted at a specific format and model: the supply of independent retailers in France.
Competition Authority clearance expected before completion in 2027
The completion of the transaction remains notably subject to prior authorization from the French Competition Authority. Other customary conditions precedent must also be satisfied. Carrefour indicates it expects completion during the first half of 2027. This announcement comes just days after another transaction by the group. On October 8, 2026, Carrefour had announced the sale of the properties of 35 stores to a joint venture formed by Atrato and investor GIC, for a net seller value of approximately 290 million euros, while remaining the operator and tenant of the affected sales outlets.
