Steelcase acquires UK furnituremaker Orangebox
| 20 September, 2018
Contract furniture giant Steelcase has expanded its reach into the global work collaboration market with the acquisition of Orangebox Group Limited, a UK-based designer and manufacturer of furniture for the changing workplace.
Steelcase's $79 million (£60 million) purchase was funded by borrowings under its credit facility. Orangebox posted revenue of approximately $91 million (£69 million) over the trailing twelve months through August 2018. The company will operate as an independent subsidiary under its own brand and continue to support its existing dealers as well as Steelcase dealers.
“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,” said Allan Smith, vice president, global marketing at Steelcase. “They understood people’s need for balance between privacy at work, and the shift toward high-performance team work. We are really excited about bringing our portfolios together, and 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.”