Kitchen supplier Rixonway Kitchens has been sold by private equity firm August Equity and its management team to Nobia AB of Sweden in a deal worth £34m.
Acquiring Rixonway enables Nobia to significantly increase its presence in the UK contract market and further strengthens its UK manufacturing base. The acquisition will provide operational and commercial benefits for both businesses.
Rixonway has been making kitchens in Yorkshire since 1978 and, since an MBO in 2006 led by chief executive Paul Rose, has become a market leader in supplying rigid kitchens to major contractors operating in the social housing sector. Current revenue is around.
Nobia has operations in many European countries. The business manufactures and sells kitchens to many different channels through a twenty strong brand portfolio and has a significant presence in the UK.
Philip Rattle led the original MBO and exits alongside Mike Biddulph for August Equity.
Rose says: “It’s business as usual! The acquisition of Rixonway by the Nobia group is a great strategic fit for both businesses. Being part of a larger group will open up many opportunities for the business and we look forward to working closely with Nobia to realise our future growth plans.”
Peter Kane, Head of Nobia Western Europe said: “It is very exciting for Nobia to strengthen its presence in the project market. The addition of Rixonway will complement our approach to the UK market very well. We welcome Paul and the team into the Western Europe Region and look forward to working together, sharing best practice and growing market share.”