The Italian furniture and leather making company, Natuzzi, have acquired Castlegate 170, the parent company of Kingdom of Leather. Natuzzi SpA and venture capitalists, Barclays Private Equity acquired 100% of Castlegate 170 Ltd from London at the beginning of May. The deal includes the Kingdom of Leather, a leading UK upholstered furniture specialist with a network of 15 stores located across the UK.
‘The acquisition of Kingdom of Leather gives us the opportunity to continue an important relationship dating back to 1987 and increase the market share of our products’, says Pasquale Natuzzi, chairman and ceo of Natuzzi.
With an annual sales turnover of Euro 805 million, Natuzzi is the largest furniture manufacturer and the global leader in the leather upholstery segment exporting to 123 markets on five continents. They have been listed on the New York Stock Exchange since 1993 and are ISO9001 and 14001 certified.
‘We are pleased to have found a reliable partner capable of supporting the company’s future developments’, says Catherine Wall, director, Barclays Private Equity.
Natuzzi are looking to work with the current employees and management at Kingdom of Leather and hope to reinforce the brand in the UK.
