ALNO makes largest acquisition in company's recent history

Pfullendorf, 17 January 2014 - ALNO AG, one of the leading German kitchen
manufacturers, has acquired 100 per cent of shares in AFG Küchen AG, the
Swiss market leader, from the Swiss AFG Group. These include both wellknown
brands Piatti and Forster Schweizer Stahlküchen. By making this
acquisition, the largest in the company's recent history, ALNO AG is driving its
international growth strategy forwards and ensuring additional turnover and
revenue. At the same time, ALNO AG will become more independent of the
competitive German market and benefit from an established sales network in a
growing market for kitchens in Europe.

The acquisition of the AFG kitchen business is a significant step for ALNO AG in
implementing its growth strategy. This is since ALNO AG can now secure the leading
position in the growing Swiss kitchen market, one of the relevant target markets for
the company. At the same time, ALNO AG will increase the overall revenue
generated abroad to over 40 per cent. As a result, turnover will generally be
generated from a wider foundation and the Group's profitability will be strengthened
in a sustainable manner.

Max Müller, CEO of ALNO AG: 'We are pleased to welcome Piatti and Forster
Schweizer Stahlküchen to the ALNO family. AFG Küchen AG is receiving a strong
strategic partner in return. It is our goal to strengthen the growth of both brands, to
break into new market segments and to extend the export business with steel
kitchens.'


The CEO of AFG Arbonia-Forster-Holding AG, Daniel Frutig, praised the purchase as
'the best solution for Piatti and Forster Schweizer Stahlküchen. They will be given
the opportunity to grow and strengthen their market position under the umbrella of a
large, internationally operational kitchen manufacturer.

Swiss market leader
The AFG kitchen business belonged to the Swiss AFG Group and produces wood
and steel kitchens for private use and for project business with both its brands Piatti
and Forster Schweizer Stahlküchen. AFG Küchen AG leads the Swiss kitchen
market by a large margin and currently employs around 500 staff. The company has
very strong sales in Switzerland. Around 80 per cent of turnover is generated from
direct sales with the company's own kitchen centres; the remaining 20 per cent
comes from exclusive professional retailers. In 2013 the company is predicted to
generate a turnover of around 170 m CHF (around 140 m euros). Even after the
acquisition ALNO AG will preserve the AFG kitchen business as an independent
company and, of course, retain its Swiss character. 'Piatti will continue making Swiss
kitchens for Swiss customers,' stressed ALNO CEO Max Müller. 'The future
President of the Administrative Board, Werner J. Rellstab, former long-standing CEO
and board member at V-Zug AG, also agrees with this.'

Synergistic effects in two-figure million range
The AFG kitchen business is receiving a strong strategic partner in the form of
ALNO, who will develop and extend business further. 'In order to do this, ALNO will
contribute its entire product expertise so that Piatti's product portfolio can be
enhanced and strengthened in a sustainable manner,' explained ALNO COO
Manfred Scholz. 'We can open up new market segments with new materials and
new product offers.'

Furthermore, synergistic potentials are to be raised to the two-figure million range.
AFG Küchen AG already began an extensive efficiency improvement programme at
the end of last year that is being systematically carried through. The companies both
also offer each other significant advantages for collaborative purchasing. Appropriate
options are being considered.

Successful step in internationalisation
The merger will allow ALNO AG to become more independent of the competitive
German market. The Swiss kitchen market has high price levels, is stable and, with a
growth rate of three per cent per year – driven by strong construction and
modernisation work – is one of the growing markets in Europe. The AFG kitchen
business has an exceptional position in its home market due to its strong sales
structure and direct connection to its customers. This position will now be
strengthened in the long term in order to produce further growth.

The company successfully caters to a niche segment in Switzerland with its steel
kitchens and has a unique selling point in this sense. Now it is mainly
internationalisation that will be promoted. ALNO AG is making its entire international
sales network available for this purpose. ALNO Sales and Marketing Executive Ralph
Bestgen: 'The steel kitchens give us a future product that will clearly differentiate us
from the competition and will allow us to open up new international markets.'

Solid financial foundation for a successful future
The purchasing price and the operational business of the AFG kitchen business will
be financed by approved loans from Swiss banks and through the issue of a
convertible bond as part of private placement. 'This means we can build on a solid
financial basis,' stressed Ipek Demirtas, Financial Executive of ALNO AG. 'Following
the restructuring measures last year, we now have the strength to actively shape our
future and our growth.'

About ALNO AG:
ALNO AG is one of Germany's leading kitchen manufacturers. With four production sites in
Germany, the Group provides a full range of kitchens to both the German and international markets.
The ALNO Group includes not only the core brand ALNO but also Wellmann (classic/modern),
Impuls (minimalist) and Pino (entry-level price segment). The ALNO Group operates in more than 64
countries worldwide through about 6000 sales partners. In the 2012 financial year, the staff of about
1800 generated 446 million euros in revenue. Around 29 per cent of revenue was generated abroad.

Contact:
Jürgen Schulze-Ferebee
Head of Corporate Communications & Investor Relations

ALNO AG
Heiligenbergerstrasse 47
88630 Pfullendorf, Germany
Tel.: +49 / 75 52 / 21 – 33 16
Fax: +49 / 75 52 / 21 – 77 3316
E-mail: presse@alno.de
www.alno.de

Legal note:
This press release may contain particular statements about the future that are based on current
assumptions and prognoses made by the corporate management body of ALNO AG or its affiliated
companies. Various known and unknown risks and uncertainties as well as other factors may lead
to significant deviations in the actual results, financial position, development or performance of
ALNO AG and its affiliated companies compared to the estimations provided here. Neither ALNO
AG nor its affiliated companies shall assume an obligation to update such statements about the
future or to adapt them to future events or developments.

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