Sander van der Laan could hardly wish for a more enthusiastic owner for himself and his company: "Action is a remarkable company and has become one of the most successful private equity investments in the world," enthuses the financial investor 3i about his Dutch discounter, which he bought in 2011 and from 2016 for six years under the leadership of van der Laan.

A "formidable retail company", it says in the most recent annual report.

Among other things, more shops were opened in 2021 than ever before.

Klaus Max Smolka

Editor in Business.

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Words of appreciation also come from elsewhere: from Düsseldorf, from the Douglas perfumery chain.

Action's turnover grew from 2 to more than 5 billion euros during van der Laan's time.

Reason for the praise: Van der Laan has been appointed to the top of the retail chain, which is also backed by an investment company, namely CVC.

Tuesday was his first day at work.

CVC should be looking forward to the action story with a lot of hope, because the performance of the cheap goods chain is breathtaking.

When 3i acquired it eleven years ago, Action was reportedly valued at a few hundred million euros - now 3i is attributing it 16 billion euros, as calculated from the valuation of the 53 percent package in 3i's annual report.

Remnants and discontinued models

The success of what is now 2,000 Action stores in Europe lies in the low prices and the “surprise range”: 6,000 products, only a third of which are on permanent sale.

The other two-thirds are constantly changing, can be leftovers or discontinued models that Action buys from the manufacturers at junk prices.

Average sales price in the store: 2 euros, as calculated by 3i in a case study in May.

Almost a third of the products cost less than 1 euro.

Even if high inflation has raged since then: a visit to an action store is still one big bargain hunt - for plastic cans or garden lights, towels or pans.

While other chains like Blokker and Hema closed stores or lost customers, Action held its own against online competition.

So what made van der Laan leave the successful group from Zwaagdijk in the province of North Holland?

In view of the incentive models of private equity, it will not have been about the money.

The management pocketed 28.9 million euros in van der Laan's time, as the financial newspaper "FD" calculates on the basis of Action annual reports - but the real treasure is likely to be hidden in the private equity-typical board investments.

"He's [financially] well cushioned," reports someone from the corporate environment.

Abrupt exit

Van der Laan left the company almost as abruptly as he is now succeeding Tina Müller at Douglas: In November 2021, Action announced that van der Laan would be handed over to Hajir Hajji at the turn of the year rose to management.

Hajji was obviously surprised herself by her appointment, as she had just joined the board of online retailer Coolblue.

She left – highly unusual – three months later.

The connection is clearly stated in Coolblue's annual report: "In the light of her promotion [at Action], she has decided to end her work on the board of directors." .