US workplace furniture manufacturing group Steelcase has acquired Cardiff based Orangebox Group, a designer and manufacturer of innovative workplace furnishings. The deal affords Steelcase the ability to accelerate product development in Europe.
Orangebox was founded in 2002 in Hengoed, South Wales to create what it describes as ‘smartworking’ products for highly collaborative settings along with stylish reception and meeting room furnishings. It will continue to operate as an independent subsidiary under its own brand and continue to support its own dealers as well as those of Steelcase. Orangebox posted sales of £69 million for the 12 months to August 2018.
The transaction involves the acquisition of all the outstanding capital stock of Orangebox for £60 million, less an adjustment for working capital, with an additional £3 million payable to one of the sellers over three years based on the achievement of certain performance obligations.
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