Recticel announced on 18 November that it has entered into a binding agreement to sell its Bedding business line to the Portuguese privately owned Aquinos Group for an enterprise value of EUR 122.4 million. The transaction is expected to be closed in Q1 2022. The Nordic bedding activities will remain with Recticel and be integrated in the Living & Care segment of Recticel Engineered Foams.
Recticel’s Bedding business line develops and produces consumer-ready mattresses, slat bases and box springs, primarily marketed under brand names such as Beka, Lattoflex, Literie Bultex, Schlaraffia, Sembella, Superba and Swissflex, as well as ingredient brands including Geltex inside. The Bedding activities currently consist of nine manufacturing locations in seven EU countries - Austria (1), Belgium (2), Germany (2), Poland (1), Romania (1), Switzerland (1) and The Netherlands (1) - employing around 1,555 people. In 2020 the business line generated total sales of EUR 225.9 million, excluding the Nordic bedding activities.
Aquinos is one of the largest producers of furniture upholstery and mattresses in Europe with more than 3,300 employees and production sites in Portugal, France, and Poland.
Recticel’s CEO Olivier Chapelle said: “The divestment of the Bedding business line is another essential step in simplifying the group structure and in realizing our strategic objectives, while further strengthening our capital structure. I am confident that we have found, with the Aquinos Group, a new owner with the commercial and industrial capabilities to leverage the full potential of our Bedding brands, proprietary technology and highly qualified teams. Our Bedding employees and customers will find in Aquinos a truly dedicated player in the European sleep comfort market. The complementarity in terms of product range and geographical presence clearly offers a lot of opportunities for end-consumers, retailers and employees.”
Carlos Aquino, Chairman and CEO of Aquinos Group, commented: “We are very excited about today’s announcement. The acquisition of Recticel’s Bedding business will significantly strengthen our position in the European sleep comfort market. Recticel’s strong brand and complementary product offering will allow us to become a much more diversified group with an expanded geographical reach. We are confident in our ability to execute and complete the transaction within the shortest possible timeframe and look forward to integrate Recticel’s Bedding business and teams in order to deliver enhanced value for our customers.”