Damartex in exclusive negotiations to acquire 3 Pagen
Damartex continues to grow. The French group announced in a press release it has entered into exclusive negotiations with 3SI to acquire German company 3 Pagen. The signing of a definitive agreement is expected for the end of the month.
3 Pagen, a distance-selling specialist in the wellness, homeware and decoration segments, was founded in 1954 in Alsdorf, Germany, and notably owns the French homeware sales website Vitrine Magique. Its 2015 revenue was €82.7 million, 70% of which was generated in Germany (under the 3 Pagen brand), and the rest in France, Austria, the Czech Republic and Slovakia.
Damartex has pledged to retain 3 Pagen's 550 employees, including the management team.
For the French group, which purchased Belgian company Xandres earlier in the month for its textile segment, it is yet another acquisition. One which will not only allow Damartex to add a new brand to its Home & Lifestyle business (besides Coopers, Delaby, Sedagyl, Jours Heureux and Vivadia), but also to enter a new market, Germany, about which it reckons that "the expansion potential in the senior citizen and distance selling markets is highly significant, and will generate profitable growth."
"I am delighted about this project, bringing us closer with 3 Pagen, a company sharing the values and culture of Damartex. The planned operation fits perfectly with the strategy of strengthening our brand portfolio and expanding internationally. After the acquisition of Vivadia in May, and with the incorporation of 3 Pagen, we will have reached a new milestone in our efforts to position Damartex as one of the leaders in the Home & Lifestyle segment for the over 55s. Finally, 3 Pagen will allow us to extend our presence into Germany, one of our priority markets," stated Patrick Seghin, Chairman of the Executive Board of Damartex.
"3 Pagen truly drives its business digitally, and has become one of the the leading European gift market e-retailers, thanks to its inventive range of objects and smart accessories for the family, the home and gardening. Joining the Damartex group would allow 3 Pagen to consolidate its position in the e-commerce and senior citizen markets," stated Everett Hutt, the General Manager of 3SI.
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