Magnet enters next phase of growth as Alteri acquires iconic Yorkshire kitchen brand
The Editor
Magnet, founded in Yorkshire in 1918, is now back under domestic ownership thanks to an acquisition by Alteri Investors, which promises to secure the long-term future of the well-known retail brand.
The company, which manufactures most of its kitchens at its site in Darlington, had been part of the Swedish Nobia Group for more than 20 years. With over 450 people working at the North East facility, Magnet is one of the town’s largest employers.
New owner, Alteri, is a UK-headquartered private equity firm specialising in retail and consumer businesses with strong brands. Alteri has a proven track record of supporting companies for the long term, with their current portfolio including well-known names such as Bensons for Beds as well as CBR Fashion and the Baby Walz Group in Germany. Its experience supporting vertically integrated retailers with UK manufacturing operations makes Alteri 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 and our people. As the UK’s number one specialist kitchen provider, we’ve made significant progress across retail, trade and B2B, 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 exciting partnerships we’re developing, 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.”
Magnet is committed to the UK and plans to open more stores in the coming months. This includes smaller-format showrooms designed to bring kitchen retail back to the high street, with its latest high-street store opening in Stamford in September.
Magnet has also recently delivered a resilient performance despite ongoing consumer caution and continued softness in the residential property market, with like-for-like consumer sales up 5%, average order values up more than 12%, B2B pipeline up 34% year-on-year and a return to profitability last quarter.
