MUNICH - Industrial investment group Adcuram acquired a controlling stake - 98.57 percent - in luxury kitchen cabinet manufacturer Poggenpohl.
A leading brand for luxury kitchens and known in particular for its Porsche-Design products, Poggenpohl has 70 kitchen design studios worldwide. The company generates annual revenues of c.110 million Euro and employs around 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 AB.
Although its first US dealer was authorized in 1970, it wasn't until 1986 that its first US subsidiary - Poggenpohl USA - was established in Allandale, New Jersey.
Over the past few years the U.S. market has become increasing attractive for German cabinet firms. U.S. investors CoBe Capital acquired Warendorfer Küchen, a maker of premium kitchen cabinetry from AFG Arbonia-Forster-Holding AG in 2012.
"With Poggenpohl, we acquire one of the globally leading manufacturers of luxury kitchens. We look forward to... continuing the success story of this extraordinary and iconic brand,” said Thomas Probst, Adcuram board member.
Improving brand position
Adcuram said its plans for the business include investments into Poggenpohl’s brand positioning, expansion of the product portfolio, support for retail partners and Poggenpohl operated stores, and optimization of the production process.
“We are pleased to have an experienced and renowned investor by our side in the form of Adcuram Group AG," said Patrick Heinen, managing director of Poggenpohl. "Together we want to further develop the brand Poggenpohl and to accelerate the growth of our business.”
The transaction with the previous majority shareholder, Swedish listed Nobia AB, was recently signed and still subject to regulatory approval.
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