Snaidero Group have announced that after intensive negotiations, it has signed the agreement for the sale to the German Kitchens Group Nobilia, the controlling block of shares of FBD, the franchising division of the Group which is the owner of Ixina, Cuisines Plus and Cuisines References store networks.
With approximately 2,650 employees and an annual production of 600,000 kitchens, Nobilia is Europe's largest kitchen manufacturer and the market leader in Germany.
The company produces more than 2,700 kitchens per day at its two East Westphalian plants in Verl, Germany. The company generated revenues of €946.2 million in 2014.
FBD is the result of an investment made by Snaidero at the beginning of the 2000s and which led a small chain of stores to become today the largest European network specialized in kitchen furniture with 370 stores in Europe and in North Africa with a turnover developed by franchisee of over €500 million
Snaidero said the operation allows it to rebalance its own debt structure and to find financial resources in order to support an important phase of growth of its brands, both in the domestic market and in the international ones.
Snaidero Group is the only Italian group in the kitchen furniture sector that in the last 20 years, through several acquisitions, has developed an international dimension with the brands Snaidero, Italian brand of design and quality known all over the world, Arthur Bonnet and Comera in France, Rational in Germany and Regina in Austria.
FBD FRANCHSING DIVISION for about 15 years, head of the Ixina, Cuisines Plus and Cuisine References store networks, has been an important asset but complementary of the industrial part of Snaidero Group, generating over the years a constant growth both of the turnover and profitability. For this reason many international stakeholders of the sector have shown interest to acquire it.
The partnership with Nobilia first, and the final transfer to it can be seen as the logical conclusion of a value generating process in the distribution sector, while now Snaidero Group goes ahead focusing on the manufacturing sector and on the brand design also thanks to a new investment plan of over 10 million €
Mr. Edi Snaidero – President of Snaidero Group – declares: “ The sale of FBD represents for Snaidero Group a unique opportunity for the future of its brands. Following the sale of FBD our current turnover of 180 million € will decrease to 130 million €; this reduction will be filled with the new three-year plan of development. Snaidero Group with its subsidiary Arthur Bonnet will however remain the second supplier of the FBD network. The decision to sell FBD is for us strategic and will allow us to go ahead investing more and more resources on products and technology.
The deal for Nobilia was overseen by a longtime client, namely Orrick which Law360 recognizes them among the “Global 20” law firms. Nobilia was advised by Orrick's Dr. Oliver Duys in its previous acquisition of a 30% minority shareholding in FBD-Group in 2009.