German-based furniture manufacturer Nolte SE has confirmed it has completed the sales process of its CS Schmalmöbel division to private investment group Gramax Capital AG.

Gramax Captial, which is based in Munich, Germany, and Pfäffikon, Switzerland, has acquired the manufacturer of disassembled pack furniture, with details of the transaction undisclosed, as Nolte SE marks another milestone in its ‘realignment’ of the group.

Manfred Wippermann, CEO of Nolte SE, commented on the deal: "The sale is a further milestone in the ongoing realignment of the Nolte Group, which is set to focus on their core businesses in kitchens and bedroom furniture. We are convinced that CS Schmalmöbel will have good development opportunities with the new owner."

Founded in 2011 Gramax Capital AG is an investment company with a focus on medium-sized companies in Germany and its neighbouring countries from industrial, commercial and service sectors, with its portfolio including French-based furniture manufacturer Darbo SAS.

Achim Pfeffer, managing partner of Gramax Capital AG, said: "CS Schmalmöbel fits perfectly in our portfolio, which is focused on established medium companies in transitional situations and with high growth and improvement. We want to develop CS Schmalmöbel value-oriented and active support for management.”

Günter Ebmeyer, CEO of CS Schmalmöbel GmbH & Co. KG, added: "We are looking forward to close cooperation with our new owners. In the current operative business of the change of ownership has no effect. The continuity for our business partners and our employees is guaranteed."