US-based office furniture manufacturer Steelcase has acquired UK furniture company Orangebox.
Orangebox’s portfolio offers “high-performance alternatives to traditional seating, patented architectural pods for visual and acoustical privacy solutions and highly productive collaboration settings”.
Steelcase said the purchase will provide a means to accelerate innovative product development in Europe and around the world. Orangebox posted sales of £69 million ($91.5 million) over the trailing 12 months through August 2018 and will continue to operate as an independent subsidiary under its own brand.
Steelcase VP Global Marketing Allan Smith said: “We saw how Orangebox approached the changing landscape at work and their early recognition that more people want alternatives to the traditional desk, and to work in a range of postures. We see the opportunity to more than double the size of Orangebox’s business within five years by leveraging Steelcase’s global scale and distribution.”
The transaction involves the purchase of all outstanding capital stock of Orangebox for £60 million.
Grand Rapids (MI), USA