Magnet, Gower and CIE are now back under domestic ownership thanks to an acquisition by Alteri Investors, which promises to secure their long-term future.
With decades of expertise and a trusted heritage in the kitchen sector, these iconic brands are set to benefit from focused investment and strategic support, accelerating growth as part of a three-year expansion plan.
Magnet, which manufactures most of its kitchens at its Darlington site in the North East, was part of the Swedish Nobia Group for over 20 years. As Nobia focuses on its Nordic operations, Alteri’s acquisition ensures the UK business now has the dedicated backing to drive its next phase of growth.
Alteri Investors, a UK-headquartered private equity firm specialising in retail and consumer brands, has a strong track record of long-term support. Its portfolio includes household names such as Bensons for Beds, CBR Fashion, and Germany’s Baby Walz Group. With deep experience supporting vertically integrated UK retailers, Alteri is a natural partner for Magnet as it continues to invest across retail, trade, and production.
Sophie Rose, CEO, Magnet, said: “Alteri’s investment is a real vote of confidence in our business, our people and our direction. As the UK’s number one specialist kitchen provider, we’ve made significant progress across our retail, trade and B2B divisions, and it’s fantastic to have a partner who recognises the strength and potential of these.
“From the momentum we’re seeing in our smaller-format showrooms to the scale and stability of our B2B operations, we’ve built a strong platform for growth. With Alteri’s resources and expertise, we can now accelerate that progress and take our three-year plan even further.”
Arnold Vos, Investment Partner at Alteri Investors, said: “We are very excited to support a specialist kitchen provider with such strong heritage and a clear plan for growth. The business has shown resilience in a challenging market and has built solid foundations for the next phase. Its broad capability across the kitchen sector and ability to deliver at scale stand out. We see meaningful opportunity ahead and look forward to supporting the team as they execute their plans.”
The business is focused on strengthening partnerships and expanding its B2B footprint, building on strong momentum with social housing providers, construction partners and developers. With a healthy pipeline already in place, Alteri sees significant opportunity to accelerate this growth, particularly within the social housing and contracts market, where the business is well-positioned to scale its market-leading service proposition.
This follows a period of resilient performance despite consumer caution and softness in the residential property market, with like-for-like consumer sales up 5%, average order values rising over 12%, B2B pipeline growing 34% year-on-year, and a return to profitability last quarter.
