SWEDEN - Nobia, Europe’s leading kitchen specialist with some fifteen strong brands, announced the acquisition of Dutch kitchen manufacturer Bribus.

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 not subject to any conditions and Bribus will be consolidated in Nobia’s accounts as of 1 July 2018.

“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 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 € 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 completed today and is not subject to any conditions. Bribus will be consolidated in Nobia’s accounts as of 1 July 2018.

The operation of the Swedish Nobia Group consists of developing, manufacturing and selling kitchen solutions. Every week, Nobia manufactures more than 135,000 cabinets and for its more than 60,000 consumers that visit its stores. Nobia has approximately 6,100 employees and net sales of about SEK 13 billion (USD 1.47 billion).