Nobia has taken a strategic decision to focus on its core Nordic and UK markets and continues with activities to strengthen the financial position. The Group’s strategic initiatives focus on maximising cost efficiency, realising the full potential of the Nordic region (e.g., through the new automated factory in Jönköping, Sweden, and harmonised product ranges) and executing the UK transformation program.
In line with this decision, Nobia has entered into an agreement to divest its subsidiary Bribus to the Dutch long-term investor O2 Capital Partners. Bribus is part of Nobia’s Portfolio Business Units and supplies kitchens to professional customers in the Netherlands, mainly to social housing providers and large-scale property investors.
Bribus reported sales of Euro 91.4 million and an operating profit of Euro 8.8 million on a twelvemonth rolling basis as of September 2023.
The agreed purchase price amounts to approximately Euro 64 million (~SEK 710 million), subject to certain customary closing adjustments. The transaction is partly financed by a three year vendor loan by Nobia of Euro 5 million (~SEK 56 million). The buyer receives the net cash in Bribus at the time of completion of the transaction, which is estimated to Euro 14 million (~SEK 155 million). The transaction is expected to be completed during March 2024 and is subject to customary conditions and approvals by authorities.
Nobia develops, manufactures and sells kitchen solutions.
