Flokk acquires 9to5 Seating
Oslo (Norway), 27 November 2019 – Triton portfolio company Flokk Group has acquired the US office seating manufacturer 9to5 Seating. Through the acquisition, Flokk expands its footprint in the US market, underpinning its international growth strategy. The company continues to drive the consolidation of the fragmented workplace furniture industry, a journey which has taken the group from being a Scandinavian player to a European market leader with well over NOK 3.0 billion (EUR 300 million) in revenues today.
“We are very excited to have the 9to5 team join us on our growth journey. 9to5 is a strong fit with Flokk and has realized an impressive record of delivering high revenue growth over the past years on the back of targeted product development and superior manufacturing capabilities. 9to5 has built an excellent stand-alone platform for further growth, and by leveraging Flokk’s extensive manufacturing, logistics and go-to-market know-how, we believe we can help 9to5 expand further and realize its high ambitions for the future,” says Lars I. Røiri, CEO of Flokk.
Originating from a group of Scandinavian brands (HÅG, RH and RBM) with some of the industry’s most efficient manufacturing plants in Røros (Norway) and Nässjö (Sweden), Flokk is building a leading international workplace furniture group both organically and through active use of M&A. The group has previously acquired the Swedish companies Malmstolen and Offecct, the Benelux market leader BMA, the Swiss market leader Giroflex, and the Polish market leader Profim. With the acquisition of 9to5, Flokk expands its footprint in the important US market, which is by far the largest market for office seating products in the world with an annual turnover of over NOK 40 billion (USD 4.8 billion).
Founded in California in 2004, 9to5 Seating has developed into an established manufacturer of office seating products in the US market. The company has achieved above market growth over the past decade and currently generates approximately NOK 500 million (USD 55 million) in annual revenue. The company has established a nation-wide distribution network of over 1,000 dealers and employs approximately 300 employees at its manufacturing sites in Los Angeles, California, and in Guangdong, China.
“We’re delighted to join the Flokk Group, an international house of brands specializing in seating. This further strengthens 9to5 Seating’s commitment to accelerate growth and development. Our management will continue to create value for our customers, as a top priority, while enhancing employee opportunities and continuing to bring smart seating solutions to market,” says Dara Mir, CEO of 9to5 Seating. Mr. Mir will remain as the CEO and minority shareholder of the company.
Flokk is the leading manufacturer of high-quality workplace furniture in Europe, developing a growing family of brands. The company is proud owner of the HÅG, RH, Giroflex, BMA, RMB, Offecct, Profim and Malmstolen brands. More than 2,300 employees work together to achieve its vision: Inspire Great Work. The company’s head office is in Oslo, Norway, with main production units in Røros (Norway), Nässjö (Sweden) and Turek (Poland). The company has additional sales offices in Denmark, Germany, Belgium, the Netherlands, UK, France, Switzerland, Singapore, USA, Canada, China and Australia. Flokk products are sold in more than 80 countries worldwide. In 2018, the company recorded a proforma turnover of NOK 3.0 billion (EUR 300 million). In addition, Flokk has a 40-year history of structured focus on the environment, enabling the company to be a leader in the development of sustainable furniture.
For more information, please visit www.flokk.com
About 9to5 Seating
9to5 Seating was founded in 2004 and is headquartered in Los Angeles, California. The company specializes in the design and production of office seating products tailored to meet the rigorous demands of today’s office environments in the US market. 9to5 Seating presents an extensive collection of executive, task, guest, conference, stool and lounge furniture. 9to5 Seating combines its state-of-the-art, in-house manufacturing systems with a commitment to continuous improvements in all phases of its operations. The more than over 500,000 sq. ft. of manufacturing resources, enables the company to deliver products offered with good quality at competitive prices. For more information, please visit www.9to5seating.com
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 42 companies currently in Triton's portfolio have combined sales of around €16,7 billion and around 80,800 employees.
For further information: www.triton-partners.com