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.