Torqx Capital Partners to acquire Beter Bed Holding for EUR 168 million

Torqx Capital Partners to acquire Beter Bed Holding

UDEN, THE NETHERLANDS: Torqx Capital Partners, a Benelux investment firm, has announced that it has reached conditional agreement to make an all-cash public offer for Beter Bed Holding, the Netherlands’ largest sleep specialist in retail, wholesale and B2B.

The offer price is EUR 6.10 (cum dividend) in cash per share, which represents a 107% premium to Beter Bed Holding’s closing price on 7 July 2023. The offer values the company at approximately EUR 168 million.

The boards of Beter Bed Holding have unanimously recommended the offer, which they consider to be in the best interest of the company and all its stakeholders. The offer provides the company’s shareholders with an attractive opportunity to sell their shares at a considerable premium and realise immediate value.

The transaction will enable Beter Bed Holding to operate in a private setting, which will support its long-term sustainable success and allow it to accelerate the execution of its business strategy. Torqx fully supports the company’s vision and growth strategy, including its continued investments in the brand and future growth priorities. The transaction will also create additional employment opportunities and enable Beter Bed Holding to continue its strong focus on providing high-quality products to its customers. The company’s headquarters will remain in Uden, the Netherlands, and its corporate identity, core values and culture will be maintained, including its strong ESG commitments.

The transaction is supported by the company’s three largest shareholders, Navitas Capital, Teslin Participaties and De Engh, who together hold 44.32% of the shares. They will re-invest in the company after the completion of the offer at the request of Torqx.

Torqx has fully committed financing in place on a “certain funds” basis and has completed its due diligence, providing high deal certainty. The company and Torqx expect to complete the transaction by early 2024, subject to the necessary approvals.

John Kruijssen, CEO of Beter Bed Holding, said: “We successfully transitioned from bedding retailer to sleep specialist. The development of our digital organisation is bearing fruit and online sales have accelerated. We introduced innovative store formats and rolled out ‘Beter Slapen ID’ reflected in strong client appreciation growth and increasing market share. I am proud of the strong progress made in building our business in a time marked by many macroeconomic challenges. Against this background, we carefully examined the ownership structure that would best capture the sustainable long-term success of our business.

We believe that a private setting will allow us to fully focus on our long-term strategic plans. Torqx has a track-record in building better businesses with an entrepreneurial mindset and fully supports our strategic roadmap. This transaction will provide us with a shareholder with the resources to drive sustained profitable organic and acquisitive growth by further enhancing and expanding the business, ensuring the long-term interests of all our stakeholders, including our employees and customers.

At the same time, we believe the offer price represents a highly attractive price for our shareholders.”

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