New York-based global investment firm KKR & Co. LP has signed an agreement with Arle Capital Partners to acquire the London-based private equity firm’s majority stake in bedding giant Hilding Anders.
No financial terms were disclosed, and the transaction, which was announced Nov. 29, is subject to regulatory approvals.
Malmö, Sweden-based Hilding Anders was founded in 1939 and is the leading bed manufacturer in Asia and Europe, including Russia. The company has 9,500 employees at 23 sites in 19 countries and sells products in 65 local markets. Its 2015 revenues were 917 million euros ($985 million U.S.).
Hilding Anders’ product portfolio includes the core brands Askona, Bico, Carpe Diem Beds, Curem, Hilding, Jensen and Slumberland. The company also produces private-label products for a range of retailers. In addition, it operates close to 1,000 retail outlets in China, Croatia and Russia.
“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,” said Cristobal Cuart, director of KKR Credit Advisors LLP in London.
KKR first invested in Hilding Anders in 2013, making a 350 million euro ($376 million U.S.) investment when Arle successfully refinanced the company’s 800 million euro ($859 million U.S.) debt.
In commenting on the deal, Christer Åberg, Hilding Anders chief executive officer, 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.”
