Monday 30 November 2020

UK-based home improvement retailer Kingfisher plc (OTC: KGFHF) has acquired European home improvement services marketplace NeedHelp for a total cash consideration of around EUR 10m (USD 11.98m), the company said.

As part of the transaction, Guillaume de Kergariou, the founder of NeedHelp, has reinvested proceeds from the sale in a 20% interest in the business, resulting in Kingfisher owning 80%.

NeedHelp is an innovative B2B2C(1) online platform that connects customers who need home improvement help, either in-store or online, with vetted professional tradespeople and other skilled experts.

The acquisition represents an important step forward for one of Kingfisher's key priorities under its recently announced 'Powered by Kingfisher' strategy: to build a mobile-first and service-orientated customer experience.

NeedHelp was founded in France in 2014 by Guillaume de Kergariou, who will continue as CEO to lead the team and grow the business.

While most of its business is currently in France, NeedHelp also operates in Switzerland and has recently expanded into Germany, Belgium, Austria, and the Netherlands.

Through its open architecture, NeedHelp already provides its services to customers in more than 500 stores including Kingfisher's French businesses, Castorama and Brico Dépôt, as well as to a growing number of leading home improvement retailers.