Status: 23.12.2021 12:01 p.m.
The online furniture retailer Home24 takes over the Butlers chain of stores. The listed company is thus significantly expanding its business beyond the Internet offering.
The decoration retail chain Butlers changes hands. The online furniture retailer Home24 takes over the company based in Cologne, which operates 130 branches in eleven countries and sells household goods, home accessories and gift items there.
With a turnover of around 95 million euros, Butlers is significantly smaller than Home24. The Berlin company, which was listed in the SDax until recently, achieved sales of almost half a billion euros last year. “As early as the 2022 financial year, the company expects significantly positive sales and earnings contributions from the takeover of the Butlers Group,” said Home24.
Only part of the purchase price is firmly agreed
Home24 is active in seven European countries and in Brazil and also operates ten so-called showrooms on site. For comparison: market leader Ikea achieved sales of more than five billion euros in Germany alone last year. The online giant Amazon has a turnover of around 900 million euros in its furniture business.
Of the purchase price, 65 percent have been firmly agreed and, after offsetting part of Butlers’ debts, amounted to around 38 million euros, according to Home24. The remaining 35 percent of the purchase price would be determined depending on the achievement of a profit target and offset against the remaining part of the debt.
Rapid growth
Home24 pays part of the purchase price with its own shares from a capital increase. Butlers boss Wilhelm Josten will hold almost four percent of the shares in Home24 in the future. The prerequisite is that the Cartel Office gives its approval. Home24 expects to close the deal in the second quarter.
The company, which was founded in 2009, has grown rapidly in recent years. Until recently, Home24 made losses in the annual result. The share reacted to the news of the Butlers takeover with significant price gains today.