goetzpartners advised Nobia AB on the sale of its majority stake in Poggenpohl to ADCURAM Group AG
Nobia AB, the Swedish listed kitchen specialist, has today announced the divestment of its majority stake (98.57%) in Poggenpohl Möbelwerke to Munich-based industrial holding ADCURAM Group AG.
Headquartered in Herford (Northrhine-Westfalia), Germany, Poggenpohl Group is one of the globally leading luxury kitchen manufacturers. The company produces high-quality kitchens with extraordinary design and sells them in more than 70 countries around the world. The company generates annual revenues of c. 110 million EUR and employs around 500 staff. It was founded in 1892 by Friedemir Poggenpohl as Germany's first kitchen brand.
With ADCURAM Group, Poggenpohl's new majority owner, the company will enter into a new growth phase by investing into Poggenpohl’s positioning as a leading luxury brand, the expansion of the product portfolio, support for retail partners and the Poggenpohl operated stores, as well as the optimization of its production process.
For the former shareholder Nobia, who has been the majority owner of Poggenpohl since 2000, the motivation for the sale was to find a suitable successor for Poggenpohl's strategic growth path. The transaction is expected to be closed during the first quarter of 2017, conditional upon approval from the competition authorities in Germany and Austria.
Headquartered in Stockholm, Sweden, Nobia AB is a publicly listed leading kitchen specialist in Europe. The company develops and sells kitchens through some 20 strong brands in Europe, including Magnet in the UK; HTH, Norema, Sigdal, Invita and Marbodal in Scandinavia; Petra and A la Carte in Finland and ewe, FM and Intuo in Austria. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,500 employees and net sales of about 13bn SEK (1.3bn EUR).