Lux Group acquires German “Super Brand” Poggenpohl
Poggenpohl Möbelwerke, based in North Rhine-Westfalia, will be acquired by the British Company Lux Group Holdings Ltd in a partnership with a German Family Office -The Wolf Family. Lux Group whose portfolio brands include Smallbone, Mark Wilkinson and Brookmans, will acquire the oldest and best-known kitchen brand in the world as part of a transferable restructuring. The asset purchase will include the main manufacturing centre in Herford as well as the international subsidiaries. The Poggenpohl creditors committee has approved the acquisition. It is expected that the final contract will be signed by the end of this month. All of the parties involved have agreed not to disclose the purchase price.
The provisional insolvency administrator Manuel Sack, partner at the German law firm Brinkmann & Partner, is delighted with the outcome of the M&A process: "With Lux Group, we have gained a strategic investor for Poggenpohl and thus secured the company's site in Herford. We are convinced that Lux Group will further enhance the global appeal of the Poggenpohl brand. Ongoing negotiations related to personnel will be conducted with the works council during this time. The investor process was conducted by PwC with great commitment and professionalism."
Poggenpohl CEO Gernot Mang, who will continue to lead the team, explains: "Our future plans are to further develop the luxury kitchen segment, expand categories and deliver a 'Best of Class' luxury experience. Our valued dealer network are expected to play a key role in the reinvigoration of the Poggenpohl super premium brand. In cooperation with the joint venture team we will reinvent the kitchen industry." The Wolf Family Office with its Headquarters in Singapore will provide support as a financial investor and also act as the German Partner of Lux Group. RIB Software SE and Microsoft will be the strategic technology partners to deliver the most advanced disruptive cloud-based platform technology. The group is poised to digitally transform the 100 billion USD world wide kitchen industry as Tesla has done in the automotive industry.
The Poggenpohl management team are delighted with their new owners.
Herford, 18th June 2020
Schellenberg & Kirchberg PR
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About Poggenpohl Möbelwerke
Poggenpohl has always been a pioneer: the company has been developing, designing and manufacturing premium and luxury kitchens at its Herford location for more than 125 years. The yardstick here is people and their needs, social change and a look into the future. Poggenpohl kitchens are characterised by trend-setting design, technical expertise, top-quality materials and outstanding craftsmanship. In 1892 Friedemir Poggenpohl founded a small furniture company and showroom. His aim: "To improve the kitchen." Ever since, generations of Poggenpohl craftsmen and designers have done exactly that. Today, Poggenpohl shows how the boundaries between living room and kitchen are dissolving while transforming the kitchen into a living space located at the heart of the home.
About Brinkmann & Partner
Lawyer/specialist lawyer for insolvency law Manuel Sack has been working as an insolvency administrator/administrator for more than 20 years and has a great deal of experience in corporate restructuring in insolvency. His proceedings and restructuring successes include the HEROS Group (with almost 5,000 employees), the Dailycer Group, Arbeiterwohlfahrt Gesundheitsdienste gGmbH and, most recently, Peiner Umformtechnik GmbH and numerous other companies.
Brinkmann & Partner was founded in Hamburg in 1980 and is today represented in 30 branches with about 270 employees in all economic centres of Germany. Special emphasis is placed on the personal support of clients on site by a B&P partner and his team. Thanks to its entrepreneurial approach, Brinkmann & Partner has gained a leading reputation in the restructuring of companies and, with over 20 administrators, is one of the largest German insolvency administration firms.