Long Er Kitchen & Bathroom News
After three and a half years, European alternative asset manager Riverrock may have plans to sell German century-old kitchen manufacturer Neue Alno GmbH.
According to German media sources, Michael Spadinger, managing director of Neuen Alno GmbH, has been in talks with interested investors worldwide for several weeks. No specific details have been given, however, such as whether competitors or buyers from outside the industry are being considered.
Just as when Alno was looking for investors three years ago, there were reports that Chinese investors were approaching the company. And that company was none other than Chinese property major, Country Garden. On November 23, 2017, Alno announced that the last potential investor, Country Garden, had decided to exit.
Previously, according to domestic media reports, Country Garden started a few years ago to plan to equip some 700,000 housing units in its developments with European-branded integrated kitchens, for which Country Garden was looking for cabinetry suppliers across Europe. Whether this is Country Garden or another unexpected Chinese investor, and whether Alno will become another Poggenpohl, remains to be seen.
At the end of 2017, European alternative asset manager Riverrock took over most of the business of insolvent kitchen manufacturer Alno for €20 million and has been operating as Neuen Alno GmbH ever since. Kitchens also continue to be produced in the old factory, although orders are no better than at their peak. As of today, about 240 jobs remain in regular operation.
A Riverrock spokesman said the development of Alono will be determined by the final outcome of negotiations with investors and possible agreements. In all likelihood, Riverrock will only consider selling a partial stake in the kitchen manufacturer.
Neue Alno sales reported to grow 62% in 2020.
3 German Top 10 kitchen brands taken by Chinese investors
In 2020, JOMOO Holding Germany GmbH, a wholly-owned German subsidiary of JOMOO Kitchen & Bath, completed the acquisition of Poggenpohl, a century-old German luxury kitchen manufacturer.
Poggenpohl was founded in 1892 by Friedemir Poggenpohl as a small furniture workshop with a showroom, mainly producing all kinds of high-end kitchenware, and now covers more than 70 countries worldwide. in Germany. The company is currently headquartered in North Rhine-Westphalia, Germany.
SieMatic, founded in 1929, is also a national kitchen brand and ranks second in the German luxury kitchen brand ranking, having been acquired by the Suzhou conglomerate Nissens Group in 2017. Rational
On April 7, 2021, BRAVAT Germany announced the acquisition of Rational, a German manufacturer of high-end custom cabinetry. Founded in 1963, German Rational focuses on industrial-style, rustic Italian kitchens and is ranked eighth among German premium kitchen brands. In recent years, German Bravat has received strong support from Chinese investors, who run through Roman Dietsche, as well as operating in plumbing, bathroom and assembly.