HTL Buys German Furniture Co For EUR19M

Furniture World Magazine

Singapore furniture company HTL International Holdings Ltd. has entered an agreement to buy a German furniture retailer called Domicil Moebel GmbH for $18.2 million. The purchase will be funded by medium-term bank borrowings. According to HTL, Domicil, which was founded in 1978, has a network of 15 owned retail stores and eight franchised outlets in Germany. The 15 stores owned by Domicil had an audited annual turnover of EUR22.6 million last year.