Munich-based industrial holding company Adcuram Group has acquired 98.57 per cent of luxury kitchen manufacturer Poggenpohl Möbelwerke, based in Herford (Northrhine-Westfalia).
The transaction with the previous majority shareholder, Swedish-listed Nobia, which was signed on 19 December 2016, is still subject to customary regulatory approval.
Poggenpohl, known for its Porsche-Design products, generates annual revenues of around EUR110 million and employs 500 staff. The origins of Poggenpohl date back to 1892 when the company was founded as Germany’s first kitchen brand. Since 2000 Poggenpohl has been majority-owned by Swedish listed corporate Nobia.
“With Poggenpohl, we acquire one of the globally leading manufacturers of luxury kitchens. We look forward to contribute to continuing the success story of this extraordinary and iconic brand,” says Thomas Probst, board member of Adcuram.
Poggenpohl will enter into a new growth phase with Adcuram’s help. The plans for the business include investments into Poggenpohl’s brand positioning, the expansion of the product portfolio, support for retail partners and the Poggenpohl operated stores, and optimisation of the production process.
“The Poggenpohl brand enjoys an outstanding reputation for its design and prime quality “made in Germany’ around the globe,” says Broder Abrahamsen, project manager for the Poggenpohl transaction at Adcuram. “In collaboration with the management and all employees, we want to set the course for a further successful and consistent development of Poggenpohl.”
The industrial holding company Adcuram invests in succession schemes and conglomerate spin-offs. It invests in companies in the industry, trade and services sectors.
