Franke Group has acquired Swiss WESCO Group, a manufacturer of premium extractor hoods and ventilation systems, looking to strengthen its market position in Switzerland and Germany.
Aarburg-based Franke has concluded the sale and purchase agreement to acquire 100% of the company for an undisclosed sum, with the closing of the transaction now subject to approval by competition authorities.
WESCO Group employs a total of 280 employees, and In the 2022/2023 financial year, the business reportedly generated net sales of 97M Swiss francs (roughly £86M).
Franke says the acquisition will allow it to strengthen its position in the extractor hood market. It also said that WESCO Group brands, Wesco and berbel, strongly complement its existing ventilation offering.
WESCO Group will now become part of Franke Home Solutions, Franke Group’s residential kitchen division.
“Acquiring WESCO is an ideal strategic fit for us,” commented Barbara Borra, president and CEO of Franke Home Solutions. “WESCO brings to Franke advanced air quality technology and robust commercial organizations in Switzerland and Germany.
“By leveraging Franke’s global scale and financial strength, we can support WESCO’s growth both in its traditional markets and internationally. With WESCO, we have found a company who shares the same values as Franke in terms of quality, technology and innovation.”
Beat Ernst, owner of WESCO Group, also explained: “As part of a succession plan, I decided to sell my company to Franke. As there is no succession in our family environment, it was important to me to find a sustainable solution that would hand over our life’s work into good hands. Franke has the necessary expertise and resources to fully utilize the potential of our brands and position them even more successfully in the market.”
Earlier this year, Borra spoke to kbbreview about her belief that pessimism in the business sector can be contagious, calling it “a self-fulfilling prophecy”.
