Steinhoff sells Harveys and Bensons to Brighthouse owner Alteri
Steinhoff International as sold Harveys, Bensons for Beds and its UK manufacturing operations to Brighthouse owner Alteri Investors.
Alteri says it backs the existing management to turn the business around.
‘With the backing of new owners, management will be able to drive continued improvement in the performance of the group, having already made progress with a series of initiatives launched in 2018. Alteri Investors is fully supportive of the management team, and will work with them to develop the strategy to transform the group’s profitability,’ it says.
‘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 Jackson 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,’ says Gavin George, Alteri ceo and founder.
‘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,’ says Jackson.
‘The sale of is the latest in a series of planned divestments by Steinhoff as we continue with our announced strategy of simplifying the group’s portfolio and deleveraging our balance sheet. We have enjoyed a long association with the businesses, and we wish Alteri and the management team every success with their future plans,’ says Louis du Preez, Steinhoff ceo.
Harveys and Bensons have 269 stores while the bed and upholstery manufacturing operates four production sites. Combined they employ more than 2,700 staff.