Return to search

Bridgepoint and Electra sell Gower

Bridgepoint and Electra have realised a 1988 investment from their portfolios. Gower Group Limited, a UK supplier of self-assembly kitchens to DIY multiple chains, has been acquired by Nobia of Sweden in a SEK850m transaction.

Gower was originally the subject of a £3.7m buy-in led by Bridgepoint and syndicated to Electra shortly after. The sale represents a full exit and a significant return for Bridgepoint and Electra. Details of the return of the investment were undisclosed. Gower will more than double Nobia’s share of sales to the European multiple retailer market to 10%. In the UK, Nobia’s best known brand is Magnet, which primarily offers fitted kitchens, bedroom and bathroom furniture. Nobia’s sales in the year to September 30, 2003 reached SEK9.2bn.

Nobia itself was private-equity backed by Industri Kapital in 1996 and had an IPO on the Stockholm Stock Exchange last year.