Belgian foam conglomerate Recticel is to sell its Bedding business line to the Portuguese privately owned Aquinos Group for an enterprise value of €122.4m.
The transaction is expected to be closed in Q1 2022. The Nordic bedding activities will remain with Recticel and be integrated in the Living & Care segment of Recticel Engineered Foams. The net proceeds after transaction costs are expected to amount to €97m, subject to closing adjustments – €17.9m IFRS 16 liabilities will also be transferred.
Recticel’s Bedding business line develops and produces consumer-ready mattresses, slat bases and box springs, primarily marketed under brand names such as Beka, Lattoflex, Literie Bultex, Schlaraffia, Sembella, Superba and Swissflex, as well as ingredient brands including GELTEX inside.
The Bedding activities currently consist of nine manufacturing locations in seven EU countries, employing around 1555 people.
In 2020 the business line generated total sales of €225.9m, excluding the Nordic bedding activities.
The Aquinos Group, founded in 1985, is privately owned and headquartered in Sinde, Tábua, Portugal. Aquinos is one of the largest producers of furniture upholstery and mattresses in Europe, with more than 3300 employees and production sites in Portugal, France, and Poland. Aquinos, with 2020 annual sales of €370m, says it intends to further develop its bedding activities by complementing its existing product offering with strong brands, and expanding its customer base and geographic reach.