Acquires 100% of shares of parent company
Kitchen furniture manufacturer Nobia has acquired Rixonway Kitchens, a kitchen supplier in the social housing segment, following an offer for its Hygena brand.
The acquisition aims to strengthen Nobia’s place in the UK market. Nobia has acquired 100% of the shares of Rollford Holdings Limited, the parent company of Rixonway Kitchens.
The purchase price consists of an up-front consideration of £31m and a variable cash consideration of a maximum of £3m. The variable payment is conditional upon the business performance.
Key management of Rixonway will remain in operation until at least March 2016.
The company expects the acquisition to have a positive effect on Nobia’s margin and earnings from 2015, with the full effect in 2017.
Morten Falkenberg, president and CEO of Nobia said: “The acquisition of Rixonway Kitchens is part of our growth strategy to expand to markets and segments that complement Nobia’s existing businesses. We double our market share in the UK project market, which provides new opportunities for value creation for Nobia’s shareholders.”