Alteri to acquire Steinhoff businesses

Alteri will draw equity from its second-generation fund, which closed in August 2019. Founded as a joint venture between US-based Apollo and the former management team of retail restructuring firm GA Europe, Alteri is a specialised retail investor.

The acquired businesses include Bensons for Beds, Harveys Furniture, Relyon and Steinhoff UK Beds and Formation Furniture.

The vendor began exploring options for the businesses in August 2019. Steinhoff sold them to simplify its portfolio and de-leverage its balance sheet. It recently completed a restructuring of its €8.8bn debt, which saw its creditors take control of the company.

Previous funding
Steinhoff acquired Harveys and Bensons for Beds in 2005 from Homestyle, which had made a £135m recommended takeover bid for the two companies in 2000.

Steinhoff acquired Relyon for £37.4m in a take-private in 2001.

Company
The group of companies, which has four manufacturing sites and five distribution centres in the UK, employs more than 2,700 people and has an annual turnover in excess of £500m. The group makes bedding, upholstery, mattresses, divan sets and furniture. Harveys was founded in 1966, Bensons for Beds was founded in 1950 and Relyon was founded in 1858.

People
Alteri Investors – Gavin George (founder, CEO).
Steinhoff Group – Louis du Preez (CEO).
Blue Group – Mark Jackson (CEO).

Advisers
Equity - Fried Frank (legal).
Vendor – PwC (corporate finance).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• PwC
• United Kingdom
• Apollo Management