Alteri Investors Acquires Kitchen Brand Magnet

Alteri Investors has acquired Magnet, the UK kitchen manufacturer and brand, from Swedish parent Nobia Group. The deal brings Magnet back to British ownership after more than 20 years.

Magnet manufactures most kitchens at its Darlington factory, which employs more than 450 people. The company plans continued UK investment, including additional smaller-format showrooms and further development of manufacturing capabilities. Magnet reported like-for-like consumer sales up 5%, average order values up more than 12%, B2B pipeline growth of 34% year over year, and a return to profitability in the last quarter.

Magnet chief executive Sophie Rose described the investment as a vote of confidence in the business and its people, while Alteri said Magnet’s vertically integrated model and UK manufacturing base were key attractions.