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European Bridgepoint exits Gower Group in a £62m trade sale02/12/2003. Source: AltAssets. 
 European mid-market firm Bridgepoint has completed an exit of one of its longest-standing portfolio companies. The firm has sold UK self-assembly kitchen supplier Gower group to Swedish kitchen group Nobia in a £62m transaction. Nobia is owned by rival private equity firm Industri Kapital.
Bridgepoint originally acquired Gower Group for just £3.7m in 1998. The company was subsequently syndicated to Electra shortly after.
‘This acquisition strengthens Nobia’s position in the UK and opens up new possibilities,’ said Nobia CEO Fredrik Cappelen. ‘We gain a strong position in the UK multiple retailer market, particularly interesting as it represents a large and growing part of the market.’
‘We are delighted to become part of the Nobia family, the largest kitchen group in Europe where the multiple retail market accounts for 25 per cent of the total kitchen market,’ added Richard Reynolds, chairman of the Gower Group.
The sale marks Bridgepoint’s third realisation this quarter, following the £24.7m sale of Walters Hexagon Group to Anixter International and the sale of Artform International to IMI for £48m. Bridgepoint has returned E335m to its investor so far this year and has completed six investments from its E2bn Bridgepoint Europe II fund.
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