KKR said Nov. 29 that it has agreed to buy Arle Capital Partners‘ stake in Hilding Anders. Financial terms weren’t announced. KKR previously invested in Hilding Anders in 2013 when KKR Credit invested 350 million euros as part of a refinancing. Hilding Anders, of Malmö, Sweden, is a European provider of beds and mattresses.
LONDON & MALMÖ, Sweden–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of an agreement to acquire Arle Capital Partners’ stake in Hilding Anders, subject to regulatory clearances. Following the transaction, KKR will become the majority shareholder in Hilding Anders. No financial terms were disclosed and the transaction is subject to the customary regulatory approvals.
Founded in 1939, Hilding Anders has grown to become the leading bed manufacturer in Europe, Russia and Asia. The company has 9,500 employees at 23 sites across 19 countries, and sells products in 65 local markets, generating revenues of €917m in 2015. KKR first supported Hilding Anders in 2013, when KKR Credit invested €350m in the capital structure of the business as part of a comprehensive refinancing.
Christer Åberg, CEO of Hilding Anders, said: “We are pleased to welcome KKR as our new majority shareholder and look forward to drawing on their longstanding expertise and full support to grow the business further.”
Cristobal Cuart, Director at KKR Credit, said: “KKR’s operational expertise, industry know-how and experience in investing in European businesses will support Hilding Anders as it builds on its impressive market-leading position in bed manufacturing in Europe, Russia and Asia.”
Since 1996, KKR has invested in more than 55 major companies across industrial sectors in Europe, representing approximately $20 billion in invested long-term capital. KKR also has a strong track record of investing in companies in the Nordic region. Most recently, KKR partnered with the Pervan family to invest in Välinge, a world leading Swedish industrial R&D company.
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KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Hilding Anders
Hilding Anders is Europe’s leading provider of beds and mattresses. The company has strong footholds in Europe, Russia and Asia and had net sales of €917m and EBITDA profit of €122m in 2014. The company is majority owned by UK private equity firm Arle Capital Partners and is based in Malmö. Started in 1939 in Bjärnum, the company offers a broad brand portfolio including the core brands Askona, Bico, Carpe Diem Beds, CUREM, Hilding, Jensen and Slumberland. The company produces also private label concepts for international and local furniture retailers as well as bedding specialists.
Hilding Anders operates also nearly 1,000 retail outlets in Russia, China and Croatia. The home market, Sweden, today stands for less than 10% of Group net sales.
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