Magnet, Gower and CIE have been acquired by Alteri Investors, a UK-headquartered private equity firm that has committed to securing the kitchen brands’ long-term future.
Alteri says that the acquisition will see the brands benefit from renewed focus and investment and accelerate their 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’s acquisition will give the UK business the dedicated focus and backing needed to accelerate its next phase of growth.
Alteri, which specialises in retail and consumer businesses with strong brands, has a strong track record of supporting companies long-term, with their current portfolio including well-known names such as Bensons for Bedsas well asCBR Fashion and the Baby Walz Groupin Germany. Its experience supporting vertically integrated retailers with UK manufacturing operations makes Alteri a natural partner for the kitchen specialist as it continues to invest across retail, trade and production.
Sophie Rose, CEO of Magnet, said: “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, said: “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 sees significant opportunity to accelerate this growth, particularly within the social housing and contracts market, where the business is well-positioned to scale its market-leading service proposition.
