Steinhoff International Holdings N.V.
- WKN: A14XB9
- ISIN: NL0011375019
- Land: Niederlande
Nachricht vom 15.11.2019 | 12:00
Steinhoff International Holdings N.V. : Alteri Investors to acquire Bensons for Beds, Harveys Furniture and associated group of manufacturing companies
DGAP-News: Steinhoff International Holdings N.V.
/ Key word(s): Miscellaneous
Alteri Investors to acquire Bensons for Beds, Harveys Furniture and associated group of manufacturing companies
- New owners will back management to return the Group to profitability
- The acquisition will be the first deal from Alteri Investors' second fund, launched in August 2019
London, 15th November 2019: Alteri Investors ("Alteri"), the specialist European retail sector investor, has today reached agreement to acquire Blue Group Hold Co Ltd ("the Group"), owner of Bensons for Beds, Harveys Furniture and upholstery & bedding manufacturers Relyon, Steinhoff UK Beds and Formation Furniture, from Steinhoff International Holdings N.V. ("Steinhoff").
Harveys and Bensons for Beds, which have been owned by Steinhoff since 2005, trade from 269 stores. The Group, which also has four manufacturing sites, as well as five distribution centres in the UK, employs more than 2,700 people and has an annual turnover of over £500m.
Bensons for Beds, which has a near 70-year heritage, is the largest bed retailer in the UK by store number and the third-largest by revenue. Harveys, founded in 1966, is a nationally recognised brand and the largest furniture specialist in the UK by store number.
The associated group of manufacturing companies has many years of expertise within bedding and upholstery and is the market leader in the production of high quality mattresses, divan sets and furniture. The manufacturer supplies the retail business in addition to a number of renowned high street retailers.
With the backing of new owners, management will be able to drive continued improvement in the performance of the Group, having already made progress with a series of initiatives launched in 2018. Alteri Investors is fully supportive of the management team, and will work with them to develop the strategy to transform the Group's profitability.
The investment will be made from Alteri's second investment vehicle, launched in August 2019, with the backing of funds and accounts managed by affiliates of Apollo Global Management, Inc.
Alteri Investors founder and CEO Gavin George said: "This is exactly the type of investment opportunity our second fund was launched to find - trusted retail brands with strong management and the potential for profitable growth. We are really excited to support Mark and the team on a successful turnaround of the business and are confident that our operational capabilities, alongside the injection of fresh capital, can help to build a market leading, vertically integrated business with a strong omnichannel presence."
CEO of Blue Group, Mark Jackson said: "We are delighted to be teaming up with Alteri. Throughout the sale process, they have demonstrated an in-depth understanding of our business and their expertise, not least in digital, will help turbo-charge our plans to drive the performance of the group."
Steinhoff Group CEO Louis du Preez said: "The sale of Blue Group is the latest in a series of planned divestments by Steinhoff as we continue with our announced strategy of simplifying the Group's portfolio and deleveraging our balance sheet. We have enjoyed a long association with the Blue Group businesses, and we wish Alteri and the Blue Group management team every success with their future plans."
The acquisition is subject to regulatory approval.
Retail sector expertise, a hands-on style and deep transformational skills lie at the heart of Alteri's approach, enabling it to support management teams and optimise value creation. Alteri's proven expertise is combined with access to substantial capital for investment.
Alteri's investment focus covers the entire spectrum from performing retailers to those facing significant operational and financial challenges. Alteri has had particular success with CBR Fashion, one of Germany's leading womenswear businesses, and leading multi-channel retailer Versandhaus Walz, which has successfully undergone a comprehensive turnaround. Exited investments cover a range of equity, debt and direct lending transactions across multiple retail sectors and Western European geographies, notably in Germany, Switzerland, the Netherlands and the UK.
Alteri Investors is based in London.
Steinhoff International Holdings N.V. is an investment holding company which manages a portfolio of retail businesses that operate through more than 40 brands and 30 countries across the world. Steinhoff Group businesses add value to their customers' lives by providing everyday products at reasonable prices. Headquartered in Cape Town, South Africa, the holding company is registered in the Netherlands and listed on the Frankfurt and Johannesburg Stock Exchanges.
|Company:||Steinhoff International Holdings N.V.|
|cnr Adam Tas and Devon Valley Road|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||914379|
|End of News||DGAP News Service|
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