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Nobia, the Swedish kitchens conglomerate whose UK interests include the retail chain Magnet, has agreed to buy Dutch manufacturer Bribus Holding for €60 million.

 

Bribus is the market-leading supplier of kitchens to the contract market in the Netherlands, selling chiefly to social housing developers and large-scale property investors. It had sales of €65 million in 2017.


Nobia CEO and president Morten Falkenberg described Bribus as "the first step in our growth strategy to expand to attractive and adjacent kitchen markets."


Employing 270 people and founded 90 years ago, Bribus is being sold by Bernhard ten Brinke, who will remain with the business following the takeover.


The deal is comprised of cash and is on a debt-free basis, and is subject to a further €5 million deferred payment, conditional on its performance by the end of 2020.



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