A consortium of investors led by Kohlberg Kravis Roberts has recouped the majority of its original investment in a Dutch food retailer after divesting about one third of the business through the sale of a subsidiary.

Lion Capital, a European consumer focused buyout house, has paid KKR, Alpinvest Partners and Change Capital Partners €1.2bn ($1.6bn) to acquire general merchandise retailer HEMA, based in the Netherlands.