Steinhoff International Holdings Ltd. history, profile and history video

 Steinhoff International Holdings Ltd. is an integrated retailer, which manufactures, sources and retails furniture and household goods in Europe, Africa and the Pacific Rim. Its diversified industrial businesses in southern Africa provide supply chain and logistics services, timber products and other raw materials. The company operates its business through the following segments: International Retail Operations, African Retail Operations, and Manufacturing, Sourcing and Logistics of International Operations. The International Retail Operations segment engages in retailing furniture, beds, home ware and household products. The African Retail Operations segment operates as a retailer in furniture, household appliances, consumer electronic goods, home entertainment, office automation and building supplies. This segment also retails motor vehicles and vehicle servicing parts. The Manufacturing, Sourcing and Logistics of International Operations segment offers specialized distribution and warehousing services; and manufactures and imports sourced household goods and related home ware. The company’s business roots back to 1964 when Bruno Ewald Steinhoff started his own business sourcing furniture from eastern Europe to sell within western Europe. Steinhoff International Holdings was founded in 1988 and is headquartered in Johannesburg, South Africa.

“Steinhoff International History

2012 Successful completion and incorporation of the Steinhoff Industrial assets (comprising its PG Bison, Unitrans and Raw Materials businesses) into the separately listed KAP group, of which Steinhoff is the controlling shareholder with 61.9% of the issued shares.The unconditional approval and further expanding of our household goods retail footprint focused on the value conscious consumer with the acquisition of a controlling interest (50.1%) in the southern African household retail business, JD Group.

  2011 Acquisition of Conforama, the second largest retailer of home furnishings in Europe, with a network of more than 200 stores in France and French overseas departments and territories as well as Spain, Switzerland, Portugal, Luxembourg, Italy and Croatia.Agreement reached with the JD Group in terms of which JD Group acquired all the southern Africa retail interests of Steinhoff Africa. As consideration for the acquisition of the Steinhoff Africa retail interests, Steinhoff became a significant (30%) shareholder in the JD Group.

  2010 Disposes of investment in associate Amalgamated Appliances Holdings Limited.Steinhoff Europe concludes new syndicated loan programme replacing previous loan of € 235 million.

  2009 Broad-based Black Economic Empowerment transaction in South Africa enables 19 000 permanent South African employees and managers to become shareholders in Steinhoff.Steinhoff acquires the remaining interest in Hemisphere BV, a property holding company in Europe.

  2008 Steinhoff marks the first decade since listing with its market capitalisation up from R2,6 billion to R21,5 billion in ten years, revenue from R2,8 billion to R45,0 billion and net asset value per share from R2,16 to R16,37.Steinhoff converts the majority of it’s European retail participation investments into equity in European Retail Management (ERM), a company controlled by Steinhoff.Greenfield development (North Eastern Cape Forest and PG Bison particle board plant) completed. Resin producer Woodchemicals SA acquired.Founder Bruno Steinhoff retires and becomes non-executive director.

  2007 Steinhoff acquires remaining minority shares in Homestyle Group plc, which is subsequently delisted.Steinhoff Africa acquires BCM Group, producer of bedding components and springs.Steinhoff Africa acquires minority interests in Unitrans Limited, which is subsequently delisted.Steinhoff Africa disposes of its furniture manufacturing interests in Southern Africa to a private equity consortium led by Absa Capital and Bravo group management, which included a BEE component.Steinhoff Africa acquires 51 properties previously leased by the group.

  2006 Acquired remaining interest in Steinhoff Asia Pacific (previously Freedom Group).Steinhoff Africa disposes of entire door division to Swartland Doors.

  2005 Acquires control of the South African logistics group Unitrans Limited.Steinhoff Europe acquires 60,8% holding in the listed Homestyle Group plc. Homestyle operates through a bed division (trading under Bensons for Beds, Sleepmasters and Bedshed), and a furniture division (trading under Harveys).

Steinhoff acquires 26% of Amalgamated Appliances Holdings Limited, a well-known South African distributor of consumer electronic equipment and electrical appliances. Major appliance brands include: Russell Hobbs, Remington, Salton, Tedelex, Pineware and Haz. Consumer electronics brands include: Pioneer, Toshiba, Sansui, Tedelex.

Acquires a 21% stake in KAP International Holdings Limited, a diversified industrial company that includes Feltex Automotive, a leading automotive component manufacturer with strategic facilities.

  2003 – 2004   |   Building Scale

  2004 After five years since listing, Steinhoff International now operates in 25 countries with an extensive product range.Acquires remaining shares in the particle board operations of PG Bison.Steinhoff Europe concludes new syndicated loan programme, replacing previous loan of €175 million.German division acquires assets of Hukla Möbelwerke group, a well-known German brand in the upholstery, recliner and mattress market.Establishes representative office in Shenzhen, China which develops into Steinhoff Imports and Sourcing division.

  2003 Steinhoff celebrates fifth anniversary as a listed company on the JSE with its market capitalisation up from R2,6 billion to R6,0 billion. Compound growth in headline earnings is 45,6%, while headline earnings per share has grown by a compound 33,4%.Steinhoff Europe expands range by acquiring interest in Puris Bad GmbH.

Attains critical mass in UK bedding market by acquiring Sprung Slumber.

International equity placement raises €123 million (R970 million).

Steinhoff assists management buyout of Australia-listed Freedom Group Ltd and Freedom is delisted. Steinhoff now controls the manufacturing, sourcing and distribution business of the Freedom Group.

 1998 – 2002   |   Establish the base
  2002 Acquires iconic brands of Egoform and Dieter Knoll which are targeted at the top end of the European market.Acquires a minority interest in PG Bison Holdings (Pty) Limited, a leading particle board manufacturer in South Africa.Increases interest in Unitrans Limited to 26.1%.Additional investments in sawmilling capacity to promote exports from South Africa.

  2001 Group acquires Reylon Group plc, manufacturer of a premier bedding brand in the United Kingdom.Group acquires the Australian retailer Sprung Slumber and the Australian manufacturing facilities of Freedom Group.Expands Australian presence by acquiring Marshall Furniture, largest case goods manufacturer in the country.Steinhoff Pacific is formed.Group secures raw material supplies by acquiring Thesens and Woodline Timber Industries in southern Africa.Steincraft chair factory opens in South Africa to export garden furniture worldwide.

  2000 Acquires strategic interest in listed transport and logistics group, Unitrans Limited.Through Roadway Logistics, forms joint-venture with Unitrans to group all logistics interests for household goods.Acquires Danubia and Klose Collection in Germany, which includes three modern high-tech factories in Poland.Acquires Klose Hungary, a specialist chair factory.Acquires four Polish upholstery factories and the German production largely relocates to Poland.

  1999 Remaining shares in Megacor, a timber company, is acquired to maximise synergies and Megacor delists.Acquires the Cornick Group, a furniture manufacturing group, which includes Afcol.Steinhoff Europe takes over Panda, Australia (as part of Cornick) to develop Australian market.

  1998 Steinhoff Germany, Steinhoff Europe and Steinhoff Africa consolidated under Steinhoff International.Steinhoff International Holdings Limited incorporated and listed on the JSE on 23 September 1998.

The Steinhoff strategy is developed which includes areas of growth into logistics and timber, and geographical growth into the United Kingdom and Australia.

Vertical integration strategy begins to unfold when, in Africa, Steinhoff acquires interests in Megacor, Roadway Transport, Roadfurn, Unity Longhauls and Braecroft Sawmill Group.

  1964 – 1997   |   Foundation

  1997 Steinhoff family acquires 35% interest in Gommagomma Holdings (Proprietary) Limited from Daun & Cie.Gommagomma Holdings acquires holdings in Victoria Lewis and Iqbal Bam Group and changes name to Steinhoff Africa.

  1994 – 1996 Daun & Cie invests in South Africa in Victoria Lewis and Gommagomma Holdings (Proprietary) Limited.Steinhoff Europe and Gommagomma jointly establish Steinhoff Furniture in Cape Town and Garankuwa.

  1991 Manufacturing facilities established in former East Germany, Hungary, Poland and the Ukraine.

  1964 – 1990 Bruno Steinhoff starts his own business sourcing furniture from eastern Europe to sell within western Europe.With the fall of communist rule in eastern Europe, the group converts from a marketing and distribution company to a manufacturer and distributor of furniture.”

*Information from Forbes.com and Steinhoffinternational.com

**Video published on YouTube by “Steinhoff International