Furniture group considers entering a strategic partnership to ‘accelerate growth’ of brand
European furniture group Nobia is seeking a minority shareholder for its German kitchen company Poggenpohl, to help grow the brand.
It has reported an interest in entering into a “strategic partnership for the development, production and sale of kitchens” with a “partner in global luxury products”.
President and CEO of Nobia Morten Falkenberg commented: “Poggenpohl is a fantastic kitchen brand featuring world-class design and manufacturing quality. The company generates sales of approximately SEK1billion, with a positive sales and profitability trend.
“We are now exploring the possibility of interesting into a strategic partnership to accelerate the growth of Poggenpohl.”
At the current time Nobia is not in discussions with any parties, and as of yet the minority share to be offered in the Poggenpohl business is undecided.
However, a spokesperson did confirm the decision was not based on its recent interim results and no changes will be made to Poggenpohl’s manufacturing in Herford, Germany.
Nobia also owns in the UK Magnet, Gower, Rixonway Kitchens, Interior Solutions, Goldreif, Intuo, ewe and Commodore Kitchens.