SPAIN - MW Holding and CAFS Invest, companies affiliated with the XXXLutz Group, Europe's second-largest home furnishings conglomerate, have reached an agreement to acquire Conforama Iberia.

This move will allow MW Holding, which has also invested in Conforama Switzerland since 2020, as well as Conforama and BUT International in France, to enter the furniture and decor market in Spain and Portugal. They will do so through a network of 59 stores (46 in Spanish territory and 13 in Portugal, in addition to their online presence), employing over 2,300 individuals on the Peninsula and achieving a turnover of approximately 400 million euros in 2022.

Conforama has been a presence in the Iberian Peninsula for over 30 years, and with the support of the new shareholder, it aims to further strengthen its position in the market, as reported in a statement.

Until now, Conforama Iberia was owned by the Ibex Group, a result of the restructuring of the German company Steinhoff, which in 2017 was on the brink of bankruptcy due to accounting irregularities and a significant debt of 18 billion euros. The agreed-upon purchase is subject to approval by the competition authorities.