Poggenpohl Möbelwerke: Contract signed with strategic investor Jomoo Group
New owner for the oldest kitchen brand in the world: as a strategic investor, Jomoo Germany, subsidiary of the Chinese Jomoo Group, is taking over Poggenpohl Möbelwerke based in North Rhine-Westphalia. A recently announced purchase by another investor did not come about. The contract with Jomoo for the transferred restructuring was notarised on 10 July 2020; it was agreed not to disclose the purchase price. Until the contract takes effect – several conditions precedent are expected to be fulfilled in the next few weeks – the insolvency administrator Manuel Sack will continue Poggenpohl’s business for the buyer.
The owner-managed Jomoo Group, leader in its home market for sanitary fittings, ceramics and kitchens, is committed to Poggenpohl’s production site in Herford and will take over a large part of the company’s workforce.
“During the M&A process, we have already been involved in intensive talks with Jomoo and thus promptly found an investor for the kitchen pioneer,” says Poggenpohl insolvency administrator Manuel Sack from the nationwide law firm Brinkmann & Partner about the search for investors. “Poggenpohl has stood for kitchens with the highest technical standards for over 125 years. The employees have the know-how and are ready to further develop the premium brand for the demands of the 21st century.”
The connection of the know-how of the German premium kitchen specialists and the Asian bathroom experts could result in new business fields for Poggenpohl, as CEO Gernot Mang, who will continue to head the company, explains: “Together with Jomoo, we will expand the international project business. Interesting synergies between the kitchen and bathroom segments will become possible, because in future we will be able to offer project developers a one-stop design for both rooms. Poggenpohl is thus making an advance beyond the kitchen into the extended living space. In future, we will push even further into the luxury kitchen segment and, to this end, increase the quantities of our kitchens produced in Herford. The specialist trade plays a key role for the premium brand Poggenpohl.”
Xiaowei Lin, General Manager of Jomoo Germany states: “As a critical part of Jomoo’s long term sustainable market and product strategy, we value the need to well cover the high end and premium market segment. We have seriously considered the opportunity to work with or acquire an established brand with high quality and design reputation for a while. Such brand should preferably have a long-standing history, well-known around the world and well respected with a reputation for craftsmanship and excellence. Poggenpohl meet such criteria and would nicely fit into Jomoo’s market strategy in expanding its kitchen ware and cabinet offering.”
Press contact Poggenpohl:
Schellenberg & Kirchberg PR
Mr Cord Schellenberg
Press contact Jomoo Germany:
Mies-van-der-Rohe-Straße 4, 80807 München
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.
Jomoo is 100% private owned with headquarter located in Xiamen, Fujian Province on the South East coast of China. The Group has manufacturing footprints in strategic locations in China, a total workforce of 14,500 and annual sales volume reaching 1.7 billion euro. In the 30-year history of Jomoo, the Group has sole focus in the research & development, manufacturing and distribution of bath and kitchen ware, related metal ware, cabinets and furniture. Today, the Group has also expanded its range to include health and living space line of products including water and air filtering systems, wardrobes and lockers in providing a full suite product offering to customers. Jomoo’s philosophy and objective is to improve people’s living quality and experience through continuous product innovation and services.
Jomoo is regarded the market leader in the Chinese bath and kitchen ware industry and in the area of Home Living. It owns a solid national network of 5,000 distributors and close to 4,000 shops and showrooms in all regions and cities across China. Our international presence has also been growing significantly with increasing exports to key customers in North America, Europe, Asia and the Middle East and offices set up in different regions including Munich, Germany. The Group embarks an ambitious growth plan both domestically and internationally through continuous product, brand, market and channel differentiation.
Apart from being named the National Brand in the Chinese bath and kitchen ware industry, Jomoo is also honored as the most valuable sanitary brand for 8 consecutive years by world esteemed brand laboratories. Jomoo is proud to be selected the exclusive supplier to the Chinese National Olympic Stadium and the newly commissioned Beijing Daxing International Airport. Amongst others, the brand is also a key sponsor to the 2022 Winter Olympic Games.
Jomoo has also a high emphasis on social responsibility with annual donations made to schools and the aged community to elevate their sanitary and living standards. Speedy products and services are also extended to emergency situations like earthquakes with notable support to the world-famous Xiao Tong Shan epidemic medical facility completed in Hubei, China recently. Jomoo is also investing to improve the environment through new material utilization, green manufacturing processes and facilities.
About Brinkmann & Partner:
Attorney at law/specialist attorney 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 during insolvency. His proceedings and restructuring successes include the HEROS group of companies 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 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.