Beter Bed Holding underlines strategic ambitions with divestment of Swedish activities and adjusts and simplifies the BBH management structure
Beter Bed Holding N.V. (BBH) – a sleep specialist operating in the European retail, wholesale and B2B sectors – today announced it has entered into a non-binding term sheet with the Lars Larsen Group for negotiations for the sale of Sängjätten, BBH’s Swedish operation. The divestment is an important step in the implementation of the new strategic direction.
Lars Larsen Group is owned by the Brunsborg family, descendants of JYSK founder Lars Larsen. The Group owns companies within a number of business areas including furniture, golf cars, restaurants and hotels and is also an active investor in equities, funds and real estate.
During the AGM on 12 May 2021, BBH announced its new strategic direction for accelerated growth, based on (1) Digitalisation & online, (2) Development of the store network and (3) Roll-out of B2B and wholesale. In order to facilitate growth, the Company will further invest in a scalable and digitalised backbone to leverage the existing and developing trends which are shaping the industry.
To be able to fully focus on the areas of growth, which are expected to deliver the main contribution to this growth strategy, BBH considers the intended sale of the Swedish operation of Sängjätten, as the further build-up and expansion of this network will take time, effort and investments. In 2020, revenues from Sängjätten, amounted to EUR 14.6M. The intended sale of Sängjätten does not impact the strategic ambition to double revenues over the next five years.
John Kruijssen, CEO of BBH:“We are pleased that we found a very professional, financially strong and experienced new owner in the Lars Larsen Group to take over the 16 stores and all employees of Sängjätten. This allows Beter Bed Holding to continue and further intensify the focus on itscore businesses while we continue to grow our revenues and profitability. We are grateful for the efforts our colleagues in Sweden have put into the Sängjätten operation and the results they have realised over the last 18 months and believe the business is well-positioned to prosper under the new ownership of the Lars Larsen Group.”
In the next few weeks the parties will explore the potential sale and Lars Larsen Group will conduct a due diligence, while the parties will investigate the internal and external approvals needed, including competition clearance and negotiations with labour unions, before a final decision on the sale of Sängjätten will be taken. Parties intend to conclude the transaction by 30 June 2021. It has been agreed between parties that no financial details will be published.
The intended sale fits the sharpened strategic direction to transform into customer centric, digital first provider of high-quality sleep, which will lead to best-in-clash cash generation to build equity, fund investments to further secure and accelerate growth and to resume dividend when circumstances allow.
This intended sale in combination with the divestments done in previous years, brings the Company back to a focussed Benelux player, with a global wholesale division. BBH has decided to create a leaner management structure with fewer layers to bring the Holding structure in line with this new organisation. The statutory directors (CEO and CFO) of the Group will join the directors of the current Benelux and DBC management team to form one group management team. As a result, there will be no more divisional management teams and our current general manager Benelux, Ronald Voogt, will leave the Company per 30 June of this year to move to a role outside the Group.
John Kruijssen, CEO of BBH: “We believe this new management structure will enable us tofurther increase our strategic focus, create synergies within the business units, reduce overhead costs and speed up the decision making process. We thank Ronald for his leadership, the results he has delivered since his appointment in 2018 and the relentless energy and drive for the Company and his colleagues. He will return to his former employer, de Bijenkorf, as Stores Directorand I sincerely congratulate Ronald with his appointment. We wish him every success in this new role.”
About Beter Bed Holding
Beter Bed Holding N.V. is a sleep specialist operating in the European retail, wholesale and B2B sectors, providing the very best beds and sleep products at affordable prices to match the unique needs of every customer.
We believe that the better we sleep, the happier, healthier and more productivewe are. And we won’t rest untileveryonegetsthehigh-qualitysleeptheydeserve.
At year-end 2020, Beter Bed Holding’s 151 stores generated revenue of over € 222 million, with approximately 15% share of online revenue.
Beter Bed Holding has been listed on Euronext Amsterdam with security code BBED NL0000339703 since December 1996.
For more information
Press enquiries: Uneke Dekkers / CFF Communications
T +31 (0)20 575 4010 or M +31 (0)6 50261626
Please click below for the Pdf version of the press release. Press photos can be downloaded here.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Progress on Brunel share buyback program 202121.6.2021 11:00:00 CEST | Press release
Amsterdam, 21 June 2021 – Brunel International N.V. (Brunel; BRNL), reports the transaction details for the period 14 June 2021 through 18 June 2021 related to its share buyback program announced on 1 June 2021 for an amount up to EUR 1,977,000, and started on 3 June 2021 in order to meet obligations under its performance share plan for senior management (excluding Board of Directors). Detailed information including all individual transactions can be found on https://www.brunelinternational.net/en/share-buyback-program. DateTotal shares repurchasedAverage purchase priceTotal consideration 14/06/2021 8,286 € 11.6138 € 96,231.95 15/06/2021 14,103 € 11.5806 € 163,321.20 16/06/2021 14,861 € 11.5029 € 170,944.60 17/06/2021 10,184 € 11.3922 € 116,018.16 18/06/2021 12,935 € 11.2274 € 145,226.42 Total60,369€ 11.4586€ 691,742.33 This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. Attachment Press Release Share Buyback 2021 progress
Scientific Beta releases new inflation-friendly indices21.6.2021 10:36:33 CEST | Press release
Press Release - Boston, London, Nice, Paris, Singapore, Tokyo, June 21, 2021 Scientific Beta releases new inflation-friendly indices Equity inflation indices are Scientific Beta’s first suite of macroeconomic factor indices Scientific Beta has announced the release of inflation-friendly indices, the Scientific Beta US Inflation indices, its first suite of macroeconomic factor indices. The inflation indices provide long-term equity performance with additional inflation protection compared to a traditional cap-weighted equity index. These indices correspond to a genuinely important subject for institutional investment, because in the event of inflation they procure a higher asset value (surplus) that could offset the impact of inflation on the revenue needs of future pensioners. This capacity to produce strong conditional performance does not result in a high level of tracking error with respect to the cap-weighted benchmark, like with many indices, and ultimately in poor unconditional p
Inbjudan till HMS Networks telefonkonferens för det andra kvartalet 202121.6.2021 10:15:00 CEST | Pressemelding
HMS Networks AB (publ) offentliggör sin rapport för det andra kvartalet 2021 onsdagen den 14 juli 2021 kl. 08.00. Samma dag kl. 09.00 arrangeras en telefonkonferens för press och aktiemarknad, där VD och koncernchef Staffan Dahlström samt finanschef Joakim Nideborn presenterar rapporten. Presentationen hålls på engelska och följs direkt via telefon eller internet. De bilder som används under presentationen kommer att finnas tillgängliga på HMS webbplats före telefonkonferensen. För att delta i telefonkonferensen, ring in eller följ webbpresentationen via länken nedan. SE: +46 8 566 426 93 UK: +44 3333 009 263 US: +16 467 224 956 Länk till webbsändningen Presentation och inspelning av telefonkonferensen kommer sedan att finnas tillgängligt på HMS webbsida. https://www.hms-networks.com/sv/aktieagare För mer information, kontakta: Staffan Dahlström, VD HMS, +46 (0)35 17 29 01 Joakim Nideborn, Finanschef HMS, +46 (0)35 710 6983 HMS Networks AB (publ) är en marknadsledande leverantör av lös
Invitation to HMS Networks’ second quarter 2021 conference call21.6.2021 10:15:00 CEST | Press release
HMS Networks AB (publ) will release its second quarter report 2021 on Wednesday July 14, 2021, at 08.00 CET. On the same day, at 09.00 CET, a conference call will be held for press and analysts, where President and CEO Staffan Dahlström and CFO Joakim Nideborn present the report. The presentation will be held in English and is followed live by telephone or the internet. Slides used in the presentation will be made available on HMS’ website prior to the telephone conference. To participate in the telephone conference, please call or follow the online presentation via the link below. SE: +46 8 566 426 93 UK: +44 3333 009 263 US: +16 467 224 956 Link to webcast The presentation and recording of the telephone conference will be available on HMS’ website after the call. https://www.hms-networks.com/ir For more information, please contact: Staffan Dahlström, CEO HMS, +46 (0)35 17 29 01 Joakim Nideborn, CFO HMS, +46 (0)35 710 6983 HMS Networks AB (publ) is a market-leading provider of solutio
FLSmidth and Carbon8 Systems sign technology partnership to accelerate carbon capture in global cement industry21.6.2021 10:01:15 CEST | Press release
FLSmidth, the international supplier of sustainable solutions and services to the cement industry, has signed a global commercial partnership with UK-based Carbon8 Systems (C8S) to accelerate the cement industry’s Net Zero ambitions. Carbon capture is essential to achieve a sustainable global cement industry – which currently accounts for 7-8% of global carbon emissions - and deliver on FLSmidth’s MissionZero pledge to enable zero emission production by 2030. Working with the UK’s C8S, FLSmidth will use its global network to extend the reach of C8S’ carbon capture and utilisation (CCU) solution. C8S’ technology, already deployed at a VICAT cement plant in France, takes CO2 directly from process gasses and combine it with bypass dust from the production to manufacture a lightweight aggregate which can be used in construction. Carsten Riisberg Lund, Cement President for FLSmidth said: “The cement industry is pursuing every possible solution to reduce its environmental footprint. Carbon c
Centrient Pharmaceuticals boosting statins API manufacturing capacity21.6.2021 10:00:00 CEST | Press release
Rotterdam, The Netherlands, June 21, 2021 (GLOBE NEWSWIRE) -- Summary: Centrient Pharmaceuticals has started production at its newly built statins API manufacturing unit in Toansa, India.With this expansion the company is doubling its production capacity of Atorvastatin and Rosuvastatin, meeting the increased demand for its high-quality uniquely produced statins.Centrient Pharmaceuticals’ statins are one of the most sustainably produced in the industry by eliminating harmful solvents, generating less waste, and a reduced carbon footprint of 32% as compared to traditional manufacturers.Using backward integrated manufacturing methods, and dedicated production facilities, Centrient Pharmaceuticals is able to offer its customers security of supply. Centrient Pharmaceuticals (“Centrient”), the global leader in sustainable antibiotics, next-generation statins and anti-fungals, announced today to have started production at its new statins manufacturing unit. With the building of its second de
Adevinta announces new Executive team following expected acquisition of eBay Classifieds Group21.6.2021 10:00:00 CEST | Press release
Oslo, 21 June 2021: Adevinta ASA (“Adevinta” or the “Company”) today announces the proposed new Executive team that will lead the business after the completion of the acquisition of eBay Classifieds Group (“eCG”). The transaction was first announced in July 2020 and is expected to complete on 25 June. The new Adevinta Executive team will continue to be led by current Chief Executive Officer Rolv Erik Ryssdal, and will comprise of the following team members: Uvashni Raman - Chief Financial Officer Brent Mclean - Chief Product & Technology Officer Nicki Dexter - Chief People & Communications Officer Antoine Jouteau - CEO, Adevinta France Malte Krüger - CEO, Mobile.de Gianpaolo Santorsola - EVP, European Markets Zac Candelario - EVP, International Markets Rolv Erik Ryssdal, CEO, commented on the news: “I am pleased to announce the new Executive team that will drive forward Adevinta’s long term strategy and ambitions. Adevinta’s combination with eCG will start an incredibly exciting new ch