GERMANY – Munich-based industrial holding Adcuram Group AG acquires 98.57% of Poggenpohl Möbelwerke GmbH, based in Herford (Northrhine-Westfalia). 

The transaction with the previous majority shareholder, Swedish listed Nobia AB, was signed on 19 December 2016.

The transaction is still subject to customary regulatory approval.

Poggenpohl is one of the globally leading brands for luxury kitchens, and particularly known for its Porsche-Design products. The company generates annual revenues of circa €110 million and employs around 500 staff. The origins of Poggenpohl date back to 1892 when the company was founded as Germany’s first kitchen brand. Since 2000 Poggenpohl has been majority-owned by Swedish listed corporate Nobia AB. “With Poggenpohl, we acquire one of the globally leading manufacturers of luxury kitchens. We look forward to contribute to continuing the success story of this extraordinary and iconic brand”, explains Thomas Probst, Board Member of Adcuram Group AG.

Poggenpohl will enter into a new growth phase with Adcuram’s help. The plans for the business include investments into Poggenpohl’s brand positioning, the expansion of the product portfolio, support for retail partners and the Poggenpohl operated stores, and optimization of the production process. “The Poggenpohl brand enjoys an outstanding reputation for its design and prime quality, made in Germany’ around the globe”, says Broder Abrahamsen, project manager for the Poggenpohl transaction at Adcuram Group AG. “In collaboration with the management and all employees, we want to set the course for a further successful and consistent development of Poggenpohl.”