Steinhoff to sell Bensons for Beds and Harveys to Alteri Investors
Steinhoff has agreed to sell Blue Group, the owner of the Bensons for Beds and Harveys retail brands, to Alteri Investors.
The company has owned the brands since 2005 and they now have a combined store portfolio of 269 shops. The sale also includes upholstery and bedding manufacturers Relyon, Steinhoff UK Beds and Formation Furniture.
Mark Jackson, chief executive of Blue Group, said: “We are delighted to be teaming up with Alteri. Throughout the sale process, they have demonstrated an in-depth understanding of our business and their expertise, not least in digital, will help turbo-charge our plans to drive the performance of the group.”
The investment will be made from Alteri’s second investment vehicle and will be backed by funds and accounts managed by affiliates of Apollo Global Management.
Alteri Investors founder and chief executive Gavin George said: “This is exactly the type of investment opportunity our second fund was launched to find – trusted retail brands with strong management and the potential for profitable growth.
“We are really excited to support Mark and the team on a successful turnaround of the business and are confident that our operational capabilities, alongside the injection of fresh capital, can help to build a market leading, vertically integrated business with a strong omnichannel presence.”
