Flokk Group signs agreement to acquire Profim
Oslo (Norway)/Turek (Poland)/Stockholm (Sweden), 28 February 2018 – Flokk, a Triton Fund IV company, has signed an agreement to acquire Profim, a leading manufacturer of office chairs for the Eastern and Central European markets. This acquisition will reinforce Flokk’s position as the leading player in Europe for office chairs and workplace furnishings. Profim has enjoyed strong growth for several years with increasing market shares in its main markets, Germany and Poland. The purchase of Profim will be settled by shares in Flokk. Triton will remain as the majority owner of Flokk while the current owners of Profim, Innova Capital, one of the leading private equity funds in the CEE region, together with two founders, will be minority shareholders. Completion is subject to regulatory approval.
“Flokk has the ambition to become one of the leading European players within the office furniture industry, and with Profim as part of our flock, our position will be strengthened in our key markets,” said Lars I. Røiri, CEO of Flokk. “Profim and Flokk have a complementary product portfolio which will make our combined offering more attractive especially towards larger projects, as well as being a competitive partner for office furniture distributors.”
Piotr Chelminski, CEO of Profim added, “The Flokk Group has a solid portfolio with many strong brand names. It's a family we look forward to becoming a part of. We share many of the same values and ambitions of delivering high quality furniture with modern appeal that inspire people in their professional lives. Flokk's growth over the past few years also confirms that we share a proactive approach towards continuous development and an aspiration to drive innovation and attractive design.”
“We are very pleased to announce the signing of another significant add-on acquisition by the Flokk Group. Profim is a well performing company with strong market positions and impressive growth trajectory that will bring substantial opportunities and value to the group. We look forward to supporting management in unleashing the potential from the transaction”, added Thomas Hofvenstam, Investment Advisory Professional and Advisor to the Triton Funds.
About Flokk Group
Flokk Group is a market leader in the design, development and manufacturing of office furniture in Northern Europe. We are the proud owner of the HÅG, RH, Giroflex, BMA, Offecct, Malmstolen and RBM brands. More than 800 employees work together to achieve our vision: Inspire great work.
Our head office is in Oslo. We have production units in Røros, Norway; Zwolle, the Netherlands; Koblenz, Switzerland, and in Tibro, Nässjö and Hunnebostrand, Sweden. In addition, we have sales offices in Norway, Sweden, Denmark, Germany, Belgium, the Netherlands, the UK, France, Switzerland, Singapore, China and Australia. Flokk products are sold in over 40 countries worldwide. In 2017 we posted a turnover of NOK 2 billion.
Profim is a market leader in Poland and one of the leading manufacturers of office chairs in Eastern Europe. Profim creates products that meet the highest standards of ergonomics, quality and design, and sets the standard for healthy and efficient workplaces. In over more than 25 years, the company has created close to 100 chair lines in collaboration with designers specialised in office furniture. Profim is located in Turek, Poland and is owned by the private-equity company Innova Capital and two founders of the company.
About Innova Capital
Innova Capital is one of the leading private equity funds in the CEE region and invests in the medium-sized enterprises segment. Since its establishment in 1994 until today, the Innova Capital fund has invested over EUR 700m in 50 businesses from 10 countries in the region. In 2010 the Unquote magazine awarded the title of the CEE Fund of the Year to Innova Capital.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
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 36 companies currently in Triton's portfolio have combined sales of around €14.2 billion and around 91,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
For further information: www.triton-partners.com