Nobia has acquired Dutch kitchen supplier, Bribus Holding B.V as it aims to establish a position in the attractive kitchen market.
“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 €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 €60 million, on a cash and debt free basis, and a variable consideration of a maximum of €5 million, conditional upon the business performance until the end of 2020. The transaction is completed today and is not subject to any conditions.
The acquisition will contribute positively to earnings per share from the start. Bribus will be consolidated in Nobia’s accounts as of 1 July 2018.