Munich firm Adcuram Group has acquired German kitchen manufacturer Poggenpohl in a €10m deal.
Poggenpohl is a provider of luxury kitchens, known for its Porsche-Design products. The company reported sales of SKr749m (€77m) and an operating loss of SKr13m for the nine months to September.
The company is being sold by listed Swedish kitchens business Nobia, which said that the price was “below our expectations” and that Poggenpohl had limited synergies within its group.
Poggenpohl is based in Herford, Northrhine-Westfalia, and employs around 500 staff.