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Haworth completes purchase of Poltrona Frau Group

Poltrona Frau

American maker of professional furniture Haworth has concluded its purchase of the Poltrona Frau Group, which was first announced early February this year.

Haworth Italy Holding S.r.l. completed the purchase of 58.6 % share capital of Poltrona Frau S.p.A. from Charme Investments and Moschini S.r.l.

Haworth has purchased from Charme Investments 71,895,074 shares of Poltrona Frau S.p.A. and from Moschini S.r.l. 10,285,626 shares of Poltrona Frau S.p.A. at a price of EUR 2.96 per share.
The total purchase price therefore amounts to EUR 587,572,155.

“The closing which took place just 50 days after the signing of the agreement with Haworth once again demonstrates the professionalism of the Charme team,” says Matteo Cordero di Montezemolo – CEO of Charme Management.

“Charme has, therefore, fully complied with its commitments with its investors, anticipating the timing of the completion of a complex transaction, considering the several formalities to be fulfilled. Moreover I am very pleased that this closing occurs just a few days after the release of the Poltrona Frau Group 2013 results, the year in which the Group achieved the best results in its history.

Charme leaves to Haworth the majority of a healthy group, financially sound, strongly re-positioned on the international markets and with an excellent management team, which I thank for the extraordinary work done together. Charme will now be open to a new phase as the majority shareholder in new long-term industrial projects which will be set up and developed in the coming months.”

“This closing represents a great event for me: the birth of the most important global group of luxury furniture, preserving above all the style and the Italian production” said Franco Moschini, Chairman of Poltrona Frau Group.

“I will continue my role with enthusiasm together with all those who, in the recent years, have made great the Poltrona Frau Group, guided by the founding principles that have characterized our great company.”

“I am extremely pleased with the closing of the transaction with Charme for the Poltrona Frau Group which demonstrates the reliability and the professionalism of our respective teams, says Franco Bianchi – CEO of Haworth Inc.

“We are excited to give continuity to the extraordinary work done by Charme and the management team of Poltrona Frau Group; we will continue to enhance the excellence, quality and production of Poltrona Frau, Cassina and Cappellini, respecting the autonomy of each brand.”

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