Deal Announcement 09/20: Retail & Consumer

The Deal

The PwC M&A team is pleased to announce the successful sale of Poggenpohl Möbelwerke GmbH (“Poggenpohl”). As one of the world’s most renowned kitchen brands, Poggenpohl had to file for insolvency at the end of April 2020 due to a COVID-19 related sales decrease. Attorney at law Manuel Sack of the law firm Brinkmann & Partner was appointed as (preliminary) insolvency administrator of Poggenpohl and initiated a structured, international M&A process which was led by PwC M&A. In the course of the M&A process the operating business and major assets of Poggenpohl were acquired by Jomoo Kitchen & Bath Germany GmbH. All employees of Poggenpohl in the headquarters and production facility in Herford were taken over by Jomoo.

The asset purchase agreement was signed in July and closed on 31^st of August 2020.

Poggenpohl drew strong interest from various international strategic and financial investors in the course of the M&A process.

Poggenpohl Möbelwerke GmbH

Poggenpohl Möbelwerke GmbH is one of the leading global brands for luxury kitchens. The high-quality kitchens are developed and manufactured at the company’s production site and headquarters in Herford. The kitchens are sold globally through Poggenpohl’s international sales companies as well as independent retail partners. In 2019, Poggenpohl generated revenues of approx. €74m.

Jomoo Kitchen & Bath Deutschland GmbH

Jomoo Kitchen & Bath Deutschland GmbH is a fully owned subsidiary of Jomoo Group Co., Ltd., which is a 100% private owned company, with headquarters in Xiamen City of Fujian Province (China). Jomoo is one of the world’s leading and most dynamic home furnishing companies offering high-quality sanitary and kitchen products. The products are sold to more than 20 countries and regions, including Europe, America, the Middle East, Australia, Africa, and Southeast Asia. The group employs more than 12,000 people, operates more than 21 production sites and generates annual revenues of more than €1,7bn.

Brinkmann & Partner

For years, Brinkmann & Partner has been one of the most successful German restructuring and insolvency administration firms. The law firm develops practical and goal-oriented restructuring concepts and accompanies their operative implementation with great commitment and emphasis.

Brinkmann & Partner is represented throughout Germany with 30 branches and 270 employees. The Brinkmann Group today also includes B&P mbB, B&P Insolvenzverwaltung und Restrukturierung GmbH and B&P Management GmbH.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing. The PwC Distressed M&A team is market leading in Germany and realized more than 70 transactions out of crisis and insolvency situations in recent years.

The transaction was led by Timo Klees (Partner) as well as Fabian Dalka (Senior Manager) and supported by Florian Middelkamp (Associate), Philipp Müller (Associate) and Felicia Mennel (Associate).