Swedish kitchen specialist Nobia has signed an agreement to acquire Bribus Holding B.V, a Dutch kitchen supplier with annual sales of approximately EUR 65 million.
“This acquisition is the first step in our growth strategy to expand to attractive and adjacent kitchen markets. Bribus has a strong offer and a number one position in the Dutch project market for kitchens, and we see good growth potential and opportunities for further expansion,” comments Morten Falkenberg, President and CEO of Nobia.
Bribus was founded 90 years ago and is acquired from Bernhard ten Brinke, who remains in the company. Bribus supplies kitchens to professional customers in the Netherlands, mainly social housing providers and large-scale property investors.
Kitchens are produced in a modern factory located in Dinxperlo in the eastern part of Netherlands. Bribus provides a full service offering to its customers, including installation and appliances. Revenues for 2017 were approximately EUR 65 million with an EBIT margin in line with Nobia’s financial target. Bribus has around 270 employees.
The purchase price consists of a consideration of EUR 60 million, on a cash and debt free basis, and a variable consideration of a maximum of EUR 5 million, conditional upon the business performance until the end of 2020. The transaction is was completed Mid-July and is not subject to any conditions.
Bribus will be consolidated in Nobia’s accounts as of 1 July 2018.