WARENDORF, GERMANY – CoBe Capital, a private investment firm focused on the acquisition and management of non-core corporate divestitures, announced today it has signed an agreement to acquire Warendorfer Küchen GmbH, a manufacturer of premium kitchens from AFG Arbonia-Forster-Holding AG (SIX: AFGN). The transaction is expected to close on December 31, 2012.
AFG Arbonia-Forster-Holding AG is divesting Warendorfer Küchen GmbH as part of an on-going implementation of its strategy to focus on core businesses.
Warendorfer Küchen GmbH arose from the kitchen furniture activities of German household appliances giant Miele & Cie. Since September 2010 the high quality and design orientated Miele DIE KÜCHE kitchen furniture have been rebranded “Warendorf – Kitchen for Personalities.” Warendorf is the only kitchen furniture manufacturer in the world with the ability to produce its unique folding carcass, which guarantees unrivalled torsional stiffness.
"Neal Cohen, CoBe Capital’s founder and Managing Director, stated, “We are extremely honored to have the trust and faith of AFG Arbonia-Forster-Holding AG. We see tremendous opportunity to communicate Warendorf’s world-class craftsmanship and design that put it on par with bulthaup, Poggenpohl and SieMatic. We couldn’t be more pleased with our first acquisition in Germany.”
"Dr. Henning Walf, CoBe Capital’s Managing Director for Northern Europe, stated, “Warendorf’s rich heritage has been enhanced over the years through relentless innovation and a commitment to the highest standards of quality. We are confident that we will be able to continue raising the profile, visibility and geographical reach of the Warendorf brand going forward.”
Dr. Walf will work closely with Warendorf’s existing management team to strengthen the company’s operational and financial fundamentals, as well as drive expansion across Europe and into other markets around the world.
Dr. Walf and Mr. Darren Chaffee led the transaction on behalf of CoBe Capital. This is Dr. Walf’s first transaction with CoBe Capital, after having joined the firm at the beginning of July this year. This transaction will represent CoBe Capital’s first investment in Germany and follow its most recent transaction, Bourrelier Éducation, in France late last year. With the addition of Warendorfer Küchen, CoBe Capital will own multiple operating companies within continental Europe, in addition to its satellite offices in Paris, France and Cologne, Germany.