French investment fund Montefiore Investment will acquire a 40% stake in home-based sofa maker Sofibo for an undisclosed sum.
The fund will replaces Azulis Capital which decided to withdraw from the company. Remaining shareholders include funds IPO and BNP Paribas Developpement, and founders Olivier and JeanPhilippe Bourreau. This is Sofibo’s third equity deal after those in 1995 and in 2005. The new investor will support Sofibo’s exports, projected to grow to 20% of the turnover in five years, and expansion plans to northern Europe and in Asia, most notably in China where the company plans to set up its own plant. Abstracted from original article in Les Echos (Sofibo à l’assaut du marché européen du canapé) by Christine Berkovicius.