The Platform Group acquires 100 percent stake in German furniture company
loading...
The Platform Group is acquiring the outstanding shares of Möbelfirst, one of the leading platforms for luxury furniture in German-speaking countries.
Commenting on the transaction, Dominik Benner, CEO of The Platform Group said: “Möbelfirst has developed very well as a platform, has always been profitable and now has shopping carts averaging 4,100 euros - this is unique in the furniture industry. We are pleased to now increase our shares to 100 percent and to consistently pursue our profitable growth strategy.”
The Platform Group has been the majority shareholder at Möbelfirst since 2021 and has successfully expanded the strategy since joining, particularly through the use of TPG's software solutions. Over 500 partners in the furniture trade sector are now connected to the platform, and the company is based in Bonn.
“We have developed Möbelfirst into the leading platform for luxury furniture and, contrary to the industry trend, we are growing double-digit and profitably. We are pleased to continue to play a key role in shaping the development as managing directors” added Christoph Ritschel, managing director of Möbelfirst.
The company said in a statement that further acquisition of 49.9 percent of Möbelfirst was implemented in December 2023; the closing of the transaction was agreed on March 1, 2024. From this point on, The Platform Group will hold 100 percent shares in the company. Both parties have agreed not to disclose the purchase price.
Adding further, Dennis Franken, also managing director of the company, said: “Last year we have already developed from classic upholstered furniture to office furniture, and our B2B sales are increasing significantly . Next year we are planning the next expansion of our business activities in the area of luxury furniture and kitchens. We will significantly expand the number of dealers.”
In the coming year, the company added, The Platform Group plans to continue its successful acquisition strategy and acquire between three to eight additional companies, both in the B2B and B2C sectors.