Monday, May 12, InteriorDaily announced that not Revor Group, but Somnis Bedding had successfully completed the acquisition of Aquinos Bedding Belgium, with the well-known brands Beka® and Lattoflex. This followed a period of intensive negotiations during which Revor Group, the Belgian furniture manufacturer led by Jan Maes, initially had its sights set on acquiring the company from Geraardsbergen. Despite a previously signed letter of intent and thorough evaluation of the possibilities, the deal ultimately did not go through.
Wonen360 spoke with Jan Maes to gain more insight into the failed process and its impact on Revor Group's growth strategy. In an open conversation, Maes shares his perspective on what exactly happened and how the future looks for his company and the market.
© Leo Elenbaas | InteriorDaily.com
You had signed a letter of intent to acquire Aquinos Bedding Belgium. What exactly happened that caused the acquisition to ultimately not go through?
'Revor Group had indeed signed a letter of intent for the acquisition of Aquinos Bedding Geraardsbergen, including the brands Beka® and Lattoflex. After this phase, where the feasibility and benefits of the acquisition were thoroughly evaluated, we revised the terms and were no longer protected by a binding and exclusive agreement. The final binding agreement from Revor Group was ready for signing at Aquinos... The reason why the acquisition ultimately fell through, you should of course ask Aquinos Bedding, but it seems to us simply a last-minute better offer and terms.'
Were you surprised that Aquinos ultimately chose Somnis Bedding as the acquisition partner, despite the exploratory talks with Revor?
'The turn of events was particularly unexpected. We were ready to restart everything with the team from Aquinos Belgium. A lot of stress and work falls away, but still, haha.'
Were there specific obstacles – financial, strategic, or cultural – that stood in the way of a deal?
'We conducted the negotiations very hard, maybe too hard, and we gambled and lost, but don't forget the Portuguese had agreed and we were going to have lunch and sign in Porto last Friday...'
How do you look back on the process? Could or should Revor have done something differently with the knowledge now?
'As a good householder, we made the necessary analyses, so no.'
What does this missed acquisition opportunity mean for Revor Group's further growth strategy? Is there now room for other acquisitions?
'Building on the path we have outlined in recent years and confirming our growth by maintaining a good relationship with our people, customers, and suppliers. Showcasing our start-up Neonest to the world at Interzum and thanking the entire team of Aquinos Belgium for the cooperation and trust during the past months. We sincerely wish them all the best in the new situation. You win some, you lose some, but we look forward to the future with optimism", Maes remains optimistic.'
More information:
Revor Group
Noordlaan 2
8520 Kuurne, Belgium
+32 56 54 12 00
info@revorgroup.be
www.revorgroup.com