REAL TIME NET WORTH — as of 5/13/17
$1.1 B
Bruno Steinhoff rang the bell at the Frankfurt Stock Exchange in December 2015, celebrating as the furniture manufacturer he founded in 1964 returned to Germany after 17 years on the Johannesburg Stock Exchange. Steinhoff International Holdings is now Europe’s second largest furniture retailer, behind Ikea. Steinhoff first started his furniture distribution business in 1964, in Westerstede, Germany. He moved into manufacturing in 1971, and in the 1980s started acquiring numerous smaller companies. A resident of Johannesburg, Steinhoff was chairman of the company until September 2008 but still serves as the non-executive director. In late 2014 Steinhoff International announced it was paying $5.7 billion for 92% of discount South African retailer Pepkor; the deal closed in early 2015. In 2016, it acquired Mattress Firm, the largest mattress retailer in the U.S., for $3.8 billion.
Source:
1. forbes