Aduram's Poggenpohl sold to trade

The deal has been approved by the company's creditors committee and is expected to be closed by the end of June 2020. The deal comprises the acquisition of the company's Herford production site and its international subsidiaries.

Lux will manage the company in partnership with the Wolf family. Gernot Mang, Poggenpohl's managing director, will remain in his role.

As reported, Poggenpohl entered self-administration following a significant fall in revenues due to the coronavirus pandemic. The company did not qualify for German state-owned bank KfW's financial support programme, it said in a statement at the time, since it was already undergoing restructuring measures.

Manuel Sack of Brinkmann & Partner was appointed as provisional insolvency administrator. PwC advised on the sale process.

Adcuram bought a 98.57% stake in Poggenpohl in December 2016 in a deal valued at €10m. In 2015, Poggenpohl generated revenues of €110m and employed 500 staff.

Company
Poggenpohl was founded in 1892 and is headquartered in herford. The company produces and designs kitchen furnishings, including cabinets and worktops, and operates via 36 retail outlets.

The company reported revenues of €41.9m in 2018 for its German business, compared with €58.6m in 2017, according to Bundesanzeiger. The company reported total revenues of €76.1m in total and employed 339 people in 2018.

People
Poggenpohl – Gernot Mang (managing director).

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