A brother and sister who inherited a fortune from the German coffee and general merchandise retail chain Tchibo are reported to want to buy WMF.
The up-market German manufacturer of cookware, kitchen accessories, cutlery and coffee makers is being sold by Swiss firm Capvis Equity Partners, which owns 52% of the company. Billionaires Guenter and Daniela Herz have added their names to the list of interested parties, which includes KKR, CVC Capital Partners and Bain Capital, according to business website Bloomberg.
Along with three other brothers, the Herzes inherited their money from their father Max, the founder of Tchibo. However, Guenter and Daniela were bought out of the company in 2003 by the rest of the family following an argument over the way it should be run.
With a turnover of 980m Euros WMF is thought to be valued at over 500m Euros and employs around 6,000 people. Bids for the company are due next month.