Financial and tax vendor assistance for Recticel
Financial and tax vendor assistance for Recticel
Eight International assisted Recticel on the divestment of their bedding business line to Aquinos Group by providing financial & tax vendor assistance as well as stand-alone assessment support.
Under the terms of the agreement the Bedding business line, will be sold to the Aquinos Group for an enterprise value of EUR 122.4 million. The transaction is expected to be closed in the first quarter of 2022, subject to customary closing conditions and consultations. The Nordic bedding activities will remain with Recticel and be integrated in the Living & Care segment of Recticel Engineered Foams. The net proceeds after transaction costs are expected to amount to EUR 97 million subject to closing adjustments. EUR 17.9 million IFRS 16 liabilities will be transferred as well.
Recticel’s Bedding business line develops and produces consumer-ready mattresses, slat bases and box springs, primarily marketed under popular 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 9 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.
The Aquinos Group, founded in 1985, is privately owned and headquartered in Sinde – Tábua (Portugal). 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. Aquinos, with 2020 annual sales of EUR 370 million, intends to further develop its bedding activities by complementing its existing product offering with strong brands, and expanding its customer base and geographic reach.
