From the Wires
CoBe Capital Completes Acquisition of Warendorfer Kuchen GmbH From AFG Arbonia-Forster-Holding AG (SIX: AFGN)
By: Marketwired .
Jan. 2, 2013 12:05 AM
WARENDORF, GERMANY -- (Marketwire) -- 01/02/13 -- CoBe Capital, a private investment firm focused on the acquisition and management of non-core corporate divestitures, announced today it has completed the acquisition of Warendorfer Küchen GmbH, a manufacturer of premium kitchens from AFG Arbonia-Forster-Holding AG (SIX: AFGN). The transaction closed on December 31, 2012.
"We are excited about the potential of Warendorf and look forward to bringing it into our family of operating companies where it will be a core asset rather than a corporate orphan," said Neal Cohen, founder and Managing Director of CoBe Capital.
Warendorfer Küchen GmbH, originally a subsidiary of Miele & Cie, designs and manufacturers luxury kitchen furniture with a proprietary, patented folding carcass construction that guarantees superior design possibilities and unlimited customization for Warendorf kitchen cabinets.
"We are glad to have found an owner in CoBe who is committed to the ongoing process of developing our brand and distribution network," said Mr. Thorsten Prée, Managing Director of Warendorfer Küchen.
CoBe Capital announced earlier this year that it had signed an agreement to acquire the businesses and, just three months later, has completed the transaction. "A CoBe operations team is closely working with Warendorf management to execute the company's near and long-term strategy and to strengthen the company's fundamentals," stated Dr. Henning Walf, the Managing Director at CoBe Capital with ongoing oversight for this investment.
This transaction represents CoBe Capital's first investment in Germany and follows its most recent transaction, Bourrelier Éducation, in France in 2011. With the addition of Warendorf, CoBe Capital owns multiple operating companies within continental Europe, in addition to its satellite offices in Paris, France and Cologne, Germany.
About Warendorfer Küchen GmbH
The Warendorfer Küchen GmbH arose from the kitchen furniture activities of German household appliances giant Miele & Cie. Since September 2010 the high quality and design oriented Miele DIE KÜCHE kitchen furniture have been rebranded "Warendorf - Kitchen for Personalities" and continues to be positioned as a luxury brand. Warendorf kitchens are distributed via a worldwide network of flagship stores, independent dealers to consumers and project developers.
About AFG Arbonia-Forster-Holding AG
AFG is a leading technology-driven, internationally active construction materials and machinery group which is renowned for its innovative solutions and services. The company has its head office in Arbon, in the canton of Thurgau (Switzerland), and is quoted on the Swiss Stock Exchange (SIX). It has about 50 production and distribution companies and is active worldwide, with offices and partners in over 70 countries.
About CoBe Capital
CoBe Capital, a global private investment firm with a permanent capital base, specializes in the acquisition and operation of non-core and underperforming business units in the Americas and Europe from leading global corporations. CoBe Capital owns and operates a diversified portfolio of companies strives to achieve long-term growth based on lean management and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994. For more information on CoBe Capital, please visit www.cobecapital.com.
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