Flokk boosts US position through acquisition of Stylex
Oslo (Norway), 4 January 2024 – Flokk, a Triton portfolio company and the leading European manufacturer of office seating and furniture, has signed an agreement to acquire US-based Stylex, to further strengthen its position in the US-market. The transaction is expected to close on 31 January 2024.
Since acquiring the company in 2014, Triton has transformed Flokk from a Nordic task chair specialist to the European market leader in office seating and furniture. This has been achieved by increasing its geographical reach; widening its product offering and client segmentation; and upgrading its digital business model.
Following the acquisition of Stylex, Flokk will have completed eight add-on acquisitions under Triton’s ownership, including the company’s current US operation – 9to5 Seating –which together with Stylex will bring Flokk’s group revenues to ca. EUR 400 million.
Lars I. Røiri, CEO of Flokk, said “Stylex perfectly complements 9to5 Seating, our current US-based brand. 9to5 Seating from the West Coast has its strengths in task and meeting chairs, while Stylex from the East Coast is particularly strong within soft seating. Strong growth for 9to5 Seating combined with the acquisition of Stylex means the US strengthens its position as our biggest market by a substantial margin, creating a balance between Europe and North America and increased diversification for Flokk. This will increase our robustness across cycles and deepens our global engineering synergies.”
Bruce Golden, CEO of Stylex, said: “Stylex brings a completely new and diverse product portfolio to Flokk's family of global brands, bringing our unique approach to innovation and design. Flokk is also a recognized sustainability leader in our industry, and the acquisition will open new opportunities to take the Stylex brand to the next level in terms of supply chain, production, and market access.”
Flokk is the leading manufacturer of high-quality workplace furniture in Europe, developing a growing family of brands. The company is the proud owner of the HÅG, RH, Giroflex, BMA,
RMB, Offecct, Profim, Malmstolen, Connection and 9to5 brands. About 1,800 employees work together to achieve Flokk’s vision: Inspire Great Work. The company’s head office is in Oslo, Norway, with main production units in Røros (Norway), Nässjö (Sweden), Turek (Poland), Mirfield (UK), Guangdong (China) and Hawthorne (USA). Flokk products are sold in more than 80 countries worldwide. Flokk has a more than 40-year history of structured focus on the environment, enabling the company to be a leader in the development of sustainable furniture.
To learn more about Flokk, please visit: www.flokk.com
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on businesses that provide important goods and services in the Business Services, Industrial Tech, Healthcare, and Consumer sectors. Triton has over 200 professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
To learn more about Triton, please visit: www.triton-partners.com