On 2 December 2019, Beter Bed Holding successfully completed the divestment of the Matratzen Concord companies in Germany, Austria and Switzerland to Magical Honour Limited for a purchase price of € 5.0 million in cash on a cash-and-debt free basis. As part of the transaction, Beter Bed Holding also issued 2.15 million new shares to Magical Honour Limited for € 2.32 per share, representing a total equity investment of € 5.0 million in Beter Bed Holding in cash.

John Kruijssen, CEO of Beter Bed Holding, comments:
“We are pleased that we completed the transaction with Magical Honour Limited to both divest Matratzen Concord and to issue new shares. With this transaction we reached a major milestone of the turnaround of Beter Bed Holding into a smaller, flexible, growth-orientated and profitable company with a leading position in the Benelux. To drive sales growth in 2020, we will focus on our core markets and further develop the omnichannel route-to-market. The refined strategy for the transformed company will be presented at a Capital Markets Day in April 2020.

The net debt of our transformed company is substantially improving following (i) the completed transaction with proceeds which amount to € 10 million in cash and (ii) the sale-and-leaseback program that is currently being completed for the distribution centers, which is expected to lead to net cash proceeds of € 16 million which will be used for the prepayment of bank debt.  

We are pleased with the new owner of Matratzen Concord. Magical Honour Limited has committed to the necessary investments of € 15 million and will bring the global industry experience to transform Matratzen Concord. We wish them and all stakeholders of Matratzen Concord, and especially the employees, all the best in their joint future.”

Profile
Beter Bed Holding is a European retail organisation that offers its customers the best quality rest at affordable prices. The organisation’s aim is to do this through its international retail brands, through its own wholesaler operation DBC International and, at an increasingly relevant share, through Digital channels.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

For more information

John Kruijssen                                                                    Hugo van den Ochtend   
CEO                                                                                    CFO       
+31 (0)413 338819                                                           +31 (0)413 338819           
+31 (0)6 13211011                                                           +31 (0)6 25746309           
john.kruijssen@beterbed.nl                                             hugo.vandenochtend@beterbed.nl

 

 

Please click on the link below for the PDF of the press release. Press photos can be downloaded here.

 

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