NB AURORA signs an agreement to acquire 30% of Veneta Cucine
NB Aurora S.A has announced that it has entered into an acquisition agreement through its NB Aurora Holdings S.a.r.l vehicle to acquire a 30% minority stake in Veneta Cucine S.p.A., Europe’s leading manufacturer of fully fitted kitchens. The transaction is expected to be completed by the end of the second quarter of 2021, subject to the fulfilment of the relevant conditions precedent, including the granting of antitrust clearance.
Veneta Cucine is a family business with over 50 years of history, and a leader in the design, production and manufacture of kitchens, living rooms and furnishing accessories. It is an example of Italian industrial excellence, having succeeded over the years in transforming itself into an international group with a management model, today becoming the largest Italian kitchen furniture platform. The Group was founded in 1967 in the province of Treviso, and now employs over 500 people who design, produce, manage and distribute high quality kitchens that combine craftsmanship and innovation. With over 200 single-brand shops in Italy and an extensive distribution network of more than 1,000 qualified dealers in Europe, Asia, Africa, North America and South America, Veneta Cucine achieved a turnover of approximately €220 million in 2020.
Banca Akros acted as exclusive financial advisor to NB Aurora.
The transaction demonstrates the role of the Banco BPM Group and Banca Akros as reference partners of the main private equity funds active in the mid-market segment in Italy.