PwC Restructuring M&A advise Steinhoff on the sale of the Bensons for Beds, Harveys Furniture and associated group of manufacturing companies to Alteri Investors.

PwC’s Restructuring M&A team advise Steinhoff on the sale of the Bensons for Beds, Haveys Furniture, and associated group of manufacturing companies to Alteri Investors.

PwC’s Restructuring M&A team is pleased to announce that an agreement has been reached in relation to the sale of Blue Group HoldCo Limited (“Group”), owner of Bensons for Beds, Harveys Furniture, and associated group of manufacturing companies to Alteri Investors (“Alteri”). PwC acted as the lead advisor to Steinhoff throughout the process

Since Steinhoff acquired the Blue Group in 2005, the Group has been expanded to trade from 269 stores across the UK. The Group, which also has four manufacturing sites, as well as five distribution centres in the UK, employs more than 2,700 people and has an annual turnover of over £500m.

Bensons for Beds, with its near 70-year heritage, and Harveys, founded in 1966, has positioned itself as a leading vertically integrated bed and furniture retailer in the UK with its nationally recognised brands. The associated group of manufacturing companies has extensive expertise within bedding and upholstery and is the market leader in the production of high-quality mattresses, divan sets and furniture.

The investment comes from Alteri, an operationally-driven, specialist investor, focused exclusively on the European retail sector. It was launched in November 2014, as a joint venture between Alteri’s management and funds managed by affiliates of leading alternative investment manager Apollo Global Management, Inc. 

The investment and backing of the new owners, will be used to support Group management’s continued drive to improve the performance of the Group, having already made progress with a series of strategic initiatives launched in 2018.

The PwC team advising on the deal were Robert Moran, Ian Green, Amit Aggarwal, Neil Sumner and Jack Tedcastle, supported by Andrew Ritchie and Rohin Varia. Taxation structuring advice was provided by Nick Hatton. 

The acquisition is subject to regulatory approval.  

CEO of Blue Group, Mark Jackson said: 

“We are delighted to be teaming up with Alteri. Throughout the sale process, they have demonstrated an in-depth understanding of our business and their expertise, not least in digital, will help turbo-charge our plans to drive the performance of the group.”

Rob Moran, Restructuring M&A leader added:

“We are proud to have led this sales process supporting Steinhoff in its strategy of divestment of certain assets. With the support of the new owners, Alteri, the Group will be in a strong position to continue its drive to improve performance and be one of the leading vertically integrated beds and furniture retailers in the UK.”

 

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