Global upholstered furniture manufacturer Kuka Home has announced that investment firm Infore Group has purchased a controlling stake in its parent company Kuka Group Co. Ltd.

The deal, which is estimated to be valued at 10.3 billion RMB, sees Kuka Group’s largest shareholder, the Gu family, sell 29.42% of its shares Infore Group.

They will retain ownership of 10.15% of their shares, while the remaining 60% will be held by a group of investors.

Kuka said that the acquisition marks a “significant milestone” for the group and demonstrates its “commitment to strategic growth and long-term success in the furniture industry”.