Caillé Grande Distribution, a subsidiary of Groupe Caillé, operates around fifty supermarkets and convenience stores under the Leader Price banner, while Make Distribution (indirectly co-owned by the Mauritian group IBL and the Réunion-based group SAB) operates 4 hypermarkets under the Run Market banner in Réunion.
The combination of the activities of Caillé Grande Distribution and Make Distribution by the Caillé and IBL groups was notified to the French Competition Authority on 12 May 2026.
Following its investigation, the French Competition Authority ruled out any risk of “horizontal” harm to competition resulting from the combination of the parties’ food retail activities. It also found that commitments were necessary to guarantee the supply conditions of the parties’ competing retailers in Coca-Cola group products. The transaction was accordingly approved subject to vertical and conglomerate commitments designed to preserve fair, transparent and non-discriminatory supply conditions.
Franklin advised Caillé Grande Distribution and Make Distribution throughout the merger control procedure before the French Competition Authority, from the pre-notification phase and preparation of the filing through to obtaining clearance for the transaction. The firm was notably involved in exchanges with the French Competition Authority’s investigation teams, alongside Eight Advisory on the economic aspects of the competition analysis, as well as in formulating the proposed commitments that enabled clearance of the transaction.
The French Competition Authority’s clearance is one of the main preliminary steps toward completion of the proposed combination. If it is successfully completed, this combination will bring together, within a single entity, the activities operated under the Leader Price and Run Market banners in Réunion, as part of a partnership bringing together Groupe Caillé and IBL and above all promoting a dynamic rooted in Réunion.
Against a backdrop of deep transformation in the large-scale retail sector, marked by changing consumer habits and intensifying competition, the proposed combination aims to build a local player with the resources needed to continue its development, modernise and improve the offering to consumers, while strengthening the competitiveness and sustainability of its activities in Réunion. The parties intend in particular to use this combination to strengthen the competitiveness of their offering, continue modernising their stores, and support the development of their activities and teams in Réunion.
Following this clearance by the French Competition Authority, the parties are now continuing the work required to complete the transaction, notably by launching the second phase of their feasibility studies on the transaction.
Franklin is acting for Caillé Grande Distribution and Make Distribution (IBL / SAB) with a team led by Numa Rengot, Partner, with Fanny Attal and Pierre Dupuys, Of Counsels, Marouan Fawzi and Karl Mbimbe Sosso, Associates, on Restructuring and M&A transaction aspects; Yam Atallah, Partner, and Philippe Tesson, Of Counsel, on Corporate aspects; Jacques Mestoudjian, Partner, Rudy Marouani, Of Counsel, and Antoine Perrimond, Associate, on tax aspects; Lionel Lesur, Partner, with Victoria Eppendahl and Camille Awaida, Associates, on competition law aspects; Stéphan Alamowitch, Partner, and Mathilde Monot, Of Counsel, on financing; and François Verdot, Partner, and Vincent Martinet, Of Counsel, on real estate aspects. Laura Mendez is assisting Caillé Grande Distribution and Make Distribution (IBL / SAB) as M&A advisor. Alvarez & Marsal (Frédéric Steiner) is advising Caillé Grande Distribution and Make Distribution (IBL / SAB) on financial due diligence. Eight Advisory (Etienne Chantrel, Partner, and Mathilde Arnoux, Senior Manager) is advising Caillé Grande Distribution and Make Distribution (IBL / SAB) as economist on competition law matters. Exa (Vincent Tessier) and Groupe Monassier (Valérie Rocca and Jonathan Rocca) are acting as advisors to Groupe Caillé. VJL Avocats (Jean-Francis Cheung-ah-Seung) and Avrillon Huet (Benoît Huet) are assisting SAB.
