Belgian flooring business Beaulieu International Group (BIG) has signed a share purchase agreement with GH Private Equity to sell all shares of its upholstery activities, known under the brand name Tessutica.
The closing was officially finalised on 27th November.
In recent years, BIG says it has thoroughly reviewed its portfolio for strategic fit: "This disciplined approach to portfolio management enables BIG to deploy resources more effectively and generate higher returns. Due to the limited strategic fit within our broader portfolio, we believe Tessutica stands a better chance to succeed under ownership that is more strategically aligned.
"The business strategy of Tessutica is to focus on market leadership in the premium market segment, which demands continuous investment in infrastructure and product development to secure long-term returns. However, this ongoing investment risks diverting essential resources away from our core high-growth areas, where we see greater potential to establish market leadership."
The shares of Tessutica were sold to GH Private Equity, part of H Capital Ventures Group, which specialises in the acquisition of small- to medium-sized businesses in challenging situations that require financial and operational turnaround.
Following the transfer, all 132 employees (115 in Romania and 17 in Belgium) will remain with the company under the same employment terms and conditions. Daily operations will continue as usual at the sites in Romania and Belgium.
In 2024, Tessutica contributed €17m to BIG's total turnover of €2b.
No financial details about the transaction will be disclosed.
