Dutch mattress group Beter Bed Holding has confirmed the acquisition of Swedish beds retailer Sängjätten, with the details remaining undisclosed.
The deal sees Beter Bed Holding acquire 25 Sängjätten stores, expanding its presence within the Swedish market, as well as laying down the foundations for further growth in Scandinavia, while also achieving ‘synergy’ across operational, commercial and financial concepts.
Beter Bed Holding will finance the acquisition from its own resources, which is expected to be completed in the third quarter of 2016, subject to conditions, and will gradually convert the Sängjätten stores, while keeping the Sängjätten name.
Ton Anbeek, Beter Bed chief executive officer, said: “We are pleased to announce the acquisition of Sängjätten. The company fits perfectly into our European expansion strategy, and gives Beter Bed Holding better access to the attractive Swedish market and more generally to the Scandinavian market.
“With 25 stores at key Swedish retail locations, Beter Bed Holding will be one of the leading players in the Swedish market. The acquisition also gives us a platform for further expansion in Sweden in the coming years.”
Sängjätten, the leading Swedish value-for-money retailer in box springs, beds and bed textiles, employs around 50 staff and has an annual revenue of approximately €10m. The company also has a franchise network with nine stores at its disposal. The acquisition concerns the most important assets of the company.