Groupe SEB buys Germany's WMF for 1.02 billion eurosStaff writer ▼ | May 24, 2016
French household equipment manufacturer Groupe SEBt agreed to buy German company WMF for 1.02 billion euros ($1.14 billion) from private equity firm KKR.
Wuerttembergische Metallwarenfabrik France buying in Germany
WMF, or Wuerttembergische Metallwarenfabrik, makes high-end coffee machines mainly for cafes and restaurants as well as cutlery, pots and pans for retail consumers.
KKR acquired a controlling stake in WMF in 2012 from private equity firm Capvis in a deal valuing the group at about 600 million euros.
Groupe SEB, which owns household brands including Moulinex and Tefal, expects to get regulatory approval for the deal in the second half of the year. It expects to reap annual synergies of 40 million euros from 2020. ■