Steinhoff has agreed to Blue Group, the owner of Bensons for Beds and Harveys to Alteri Investors.
The two brands have a combined store portfolio of 269 shops. The sale will include upholstery and bedding manufacturers Reylon, 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.”
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.”
