Furniture retailer Porta Group acquired by XXXLutz
XXXLutz has announced the acquisition of the Porta Group, which operates over 140 locations across three countries under the brands Porta, Möbel Boss, Asko, and Möbel Letz. The deal remains subject to antitrust approval, and the purchase price has not been disclosed.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Acquisition
Investors: XXXLutz
The acquisition will see the employment contracts of Porta's 6,000 staff remain unchanged. However, the deal has sparked criticism from the German furniture industry. According to industry associations, the acquisition could exacerbate the already high market concentration, posing challenges for mid-sized manufacturers. "Retailers’ growing market power has led to increasing concessions from manufacturers," the associations stated.
The founding families of Porta Group, Gärtner and Fahrenkamp, will leave the company following the sale. Paul de Jong, Managing Director of Porta-Holding, explained that the decision aims to secure better growth opportunities for the group. "The competitive environment, particularly in online furniture retail, demands substantial investments and strong partnerships. XXXLutz, with its robust omnichannel presence, is well-positioned to shape the future of the market," said de Jong.
Thomas Saliger, spokesperson for XXXLutz, highlighted the company’s belief in combining physical retail with online sales. "Customers often research online but value expert advice and the ability to experience furniture in-store, especially for larger purchases," he said.
XXXLutz operates over 370 furniture stores in 14 European countries and 24 online stores through its XXXLutz, Möbelix, and Mömax channels. The company employs approximately 27,100 people and recently reported a turnover of €6 billion. Its recent acquisitions include several Swiss furniture retailers, such as Möbel Pfister, Lipo, and Conforama.
