Nord Holding sells Ruf Group to Waterland

The management of the company, which comprises Ruf Betten and Bruno, will remain in their positions following the transaction, which is expected to close in Q1 2022.

Unquote sister publication Mergermarket reported in June 2021 that Nord Holding had mandated Imap for the sale of Ruf, noting that the process was at an advanced stage. The company was marketed based on revenues of EUR 55m and EBITDA of EUR 12m, according to Mergermarket.

Nord Holding bought a stake in Ruf in September 2016 as part of a carve-out from Germany-based family-run Hüls Group, investing directly from its balance sheet.

Under Nord Holding's ownership, the GP assisted the company with its digitalisation and customer diversification, as well as the development of its supply chain. Ruf acquired online box spring bed brand Bruno in February 2020, as reported.

Waterland is deploying equity via Waterland Private Equity Fund VIII, which held a final close in December 2020 on its EUR 2.5bn hard-cap. Waterland deploys equity tickets of EUR 10m-200m, acquiring mid-market businesses and pursuing buy-and-build strategies to grow its portfolio companies.

The GP said in a statement that it intends to internationalise the company, as well as strengthening its direct-to-consumer channels.

Waterland has now announced two deals in January 2022 to date; it bought an 85% stake in Denmark-based paint manufacturer Nowocoat earlier this month, as reported.

Company
Ruf Group comprises Ruf Betten, which was founded in 1926, and online brand Bruno, which was founded in 2014. It produces upholstered and box spring beds, mattresses and accessories, selling its products directly to consumers in furniture retailers and online. It entered the sofa bed market in 2021, expanding its product range. The company is headquartered in Rastatt, with its Bruno e-commerce brand based in Berlin.

Ruf Group reported EUR 6.9m in EBITDA and EUR 39.9m in revenues in 2019, according to its most recent publicly available accounts. The company posted revenues of EUR 60m in 2020, according to a statement. It employs 200 staff.

People
Nord Holding – Ronald Grott (executive director).
Waterland Private Equity – Carsten Rahlfs (managing partner).
Ruf Betten – Heiner Goossens (managing director).
Bruno – Felix Baer (managing director).

Advisers
Vendor – Imap (M&A); CMS (legal); KPMG (financial due diligence, tax); ERM (ESG due diligence).
Equity – Hengeler Mueller (legal); KPMG (financial due diligence, tax).

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• Topics
• Exits
• Buyouts
• DACH
• Consumer
• Germany
• Secondary buyout
• Nord Holding
• Waterland Private Equity