Foam conglomerate to sell bedding business
Belgian moss conglomerate Recticel will sell its Bedding business to the private Portuguese group Aquinos for an enterprise value of € 122.4 million.
The transaction is expected to be finalized in the first quarter of 2022. The Nordic bedding activities will remain with Recticel and will be integrated into the Living & Care segment of Recticel Engineered Foams. Net proceeds after transaction costs are expected to amount to € 97 million, subject to closing adjustments – € 17.9 million of IFRS 16 liabilities will also be transferred.
Recticel’s Bedding division develops and produces ready-made mattresses, slatted bases and box springs, mainly marketed under brands such as Beka, Lattoflex, Literie Bultex, Schlaraffia, Sembella, Superba and Swissflex, as well as brands ingredients including GELTEX inside.
The Bedding business currently consists of nine manufacturing sites in seven EU countries, employing around 1,555 people.
In 2020, the branch achieved total sales of € 225.9 million, excluding Nordic bedding activities.
The Aquinos group, founded in 1985, is a private company headquartered in Sinde, Tábua, Portugal. Aquinos is one of the largest producers of upholstered furniture and mattresses in Europe, with more than 3,300 employees and production sites in Portugal, France and Poland. Aquinos, with an annual turnover of 370 million euros in 2020, affirms its intention to further develop its bedding business by complementing its existing product offering with strong brands, and by expanding its customer base and reach geographical.