The kitchen giant employs more than 450 people at its Darlington site and is now owned by private equity firm Alteri Investors, following its sale by Swedish parent company Nobia Group.

Alteri Investors, headquartered in the UK, specialises in retail and consumer businesses and already counts Bensons for Beds in its portfolio.

Magnet, which manufactures most of its kitchens in Darlington, has been acquired in a deal that marks a return to British ownership and fresh backing for long-term growth (Image: Anthony Brown)

Sophie Rose, chief executive of Magnet, said: “Alteri’s investment is a real vote of confidence in our business and our people.

“As the UK’s number one specialist kitchen provider, we’ve made significant progress across retail, trade and B2B, 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 exciting partnerships we’re developing, 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.”

Magnet, founded in Yorkshire in 1918, has seen ownership return to the UK after more than two decades under Swedish control.

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.

Magnet (Image: Anthony Brown)

“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.”

Magnet is planning further investment in the UK, including the rollout of new stores.

This includes smaller-format showrooms aimed at bringing kitchen retail back to the high street.

The latest of these opened in Stamford in September.

Despite challenging market conditions and consumer caution, Magnet has reported positive trading.

Like-for-like consumer sales are up five per cent, with average order values rising by more than 12 per cent.

The B2B pipeline has grown by 34 per cent year-on-year, and Magnet returned to profitability last quarter.

Alteri’s experience with vertically integrated retailers and UK manufacturing operations is seen as a natural fit with Magnet’s business model and ambitions.

Source link