Beter Bed Holding’s shareholders approve divestment Matratzen Concord

 At the Extraordinary General Meeting of 26 November 2019 the shareholders of Beter Bed Holding approved the transaction to divest Matratzen Concord. The approved transaction consists of three elements:  The approval to divest the Matratzen Concord companies in Germany, Austria and Switzerland to Magical Honour Limited.Authorisation to issue 2.15 million new shares to Magical Honour Limited.Authorisation to limit or exclude the pre-emptive rights in connection with the issuance of the new shares. The divestment is expected to complete in early December 2019. With the shareholders’ approval, all major conditions have been satisfied, following the earlier completion of due diligence. Both parties agreed to forego the voluntary notification of the German regulator, while no anti-trust filing was required. The share issuance to Magical Honour Limited will be executed at completion of the divestment or as soon as possible thereafter, but not later than two weeks after completion.Following completion of the transaction, Beter Bed Holding will transform into a smaller, flexible, growth-orientated and profitable company with a leading position in the Benelux. The net debt of the transformed company is expected to improve to a sustainable level following the (i) the approved transaction 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. To drive profitable sales growth in 2020, Beter Bed Holding will focus on its 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. John Kruijssen, CEO of Beter Bed Holding, comments:
“We are pleased and grateful that our shareholders approved the transaction to divest Matratzen Concord and to authorise the issuance of new shares to Magical Honour Limited. With this transaction we will reach a major milestone of the turnaround of Beter Bed Holding and we will be able to focus on value creation. We will improve our financial and commercial fundamentals, with a number of opportunities to further accelerate growth. In April 2020 we will hold our next Capital Markets Day and present our vision going forward.
At the same time, we believe we found the best owner for Matratzen Concord. Magical Honour Limited has committed to the necessary investments and to bring the global industry experience and capabilities to transform Matratzen Concord. We wish them and all stakeholders of Matratzen Concord, and especially the employees, all the best in their joint future.” 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.