Dutch wardrobe manufacturer Noteborn has been acquired German furniture firm Vivonio Furniture GmbH as it expands its European presence.
Further strengthening its position within the European furniture market, the acquisition will see Noteborn expand into the German, Austrian and Swiss furniture Retail markets, forecasting to build on its turnover of €11m achieved in 2016.
As for Munich-based Vivonio, the acquisition adds to its recent purchase of Leuwico GmbH, which specialises in height-adjustable desks, as the group continues to develop its portfolio of financial strong furniture manufacturing companies.
Noteborn will be the fifth daughter company and the sixth manufacturing site within the Vivonio group, which was founded in 2012 and generates an annual group volume of around €300m.
Commenting on the deal, which remains undisclosed, Michael Bork, senior partner and member of the Equistone management team – with the latter a European equity investor firm that controls Vivonio funds, said: “With this acquisition, we are taking another step forward towards participating more actively in the consolidation process of the Industry.
“Over the years of our collaboration, turnover for the Vivonio Furniture Group increased by more than 40%.”
Norman Noteborn, managing director at Noteborn, added: “We are confident that we can achieve the growth objectives we have been aspiring to significantly faster under the umbrella of the Vivonio Group, without losing sight of who we are: a family-run business with a long-standing tradition.”
