Kitchen brands Magnet, Gower and CIE are now back under domestic ownership thanks to an acquisition by Bensons owner Alteri Investors, which promises to secure their long-term future. They are set to benefit from renewed focus and investment, seeing accelerated growth as part of a three-year plan.
Magnet, which manufactures most of its kitchens at its site in Darlington in the North East, had been part of the Swedish Nobia Group for more than 20 years. As Nobia strengthens its focus on its core Nordic markets, Alteri says its acquisition will give the UK business "the dedicated focus and backing needed to accelerate its next phase of growth".
Alteri, a UK-headquartered private equity firm specialising in retail and consumer businesses with strong brands, has a proven track record of supporting companies for the long term. Its current portfolio includes well-known names such as Bensons for Beds as well as CBR Fashion and the Baby Walz Group in Germany. Its experience supporting vertically integrated retailers with UK manufacturing operations seemingly makes Alteri a natural partner for the kitchen specialist as it continues to invest across retail, trade and production.
Sophie Rose, CEO, Magnet, says: “Alteri’s investment is a real vote of confidence in our business, our people and our direction. As the UK’s number-one specialist kitchen provider, we’ve made significant progress across our retail, trade and B2B divisions, and it’s fantastic to have a partner who recognises the strength and potential of these.
“From the momentum we’re seeing in our smaller-format showrooms to the scale and stability of our B2B operations, we’ve built a strong platform for growth. With Alteri’s resources and expertise, we can now accelerate that progress and take our three-year plan even further.”
Arnold Vos, investment partner at Alteri Investors, adds: “We are very excited to support a specialist kitchen provider with such strong heritage and a clear plan for growth. The business has shown resilience in a challenging market and has built solid foundations for the next phase. Its broad capability across the kitchen sector and ability to deliver at scale stand out. We see meaningful opportunity ahead and look forward to supporting the team as they execute their plans.”
The business is focused on strengthening partnerships and expanding its B2B footprint, building on strong momentum with social housing providers, construction partners and developers. With a "healthy" pipeline already in place, Alteri says it sees significant opportunity to accelerate this growth, particularly within the social housing and contracts market, where the business is well-positioned to scale its service proposition.
This builds on a period of resilient performance despite ongoing consumer caution and continued softness in the residential property market, with LFL consumer sales up 5%, AOVs up more than 12%, a B2B pipeline up 34% YoY and a return to profitability last quarter.
