Flokk acquires Giroflex, the Swiss market leader in swivel chairs
Oslo (Norway) / Koblenz (Switzerland), 14 July 2017 – Giroflex and Triton Fund IV portfolio company Flokk, formerly known as Scandinavian Business Seating, have entered into an agreement where Flokk acquires all shares in Giroflex with all its entities. By joining forces, Flokk becomes the number one manufacturer of office chairs and work place seating in Europe. The parties have agreed not to disclose the purchase price or further details of the transaction.
As the leading Swiss manufacturer of high-quality ergonomic office chairs, Giroflex is renowned as a premium brand with an exceptionally strong position in German-speaking markets. In 2016, almost 90 per cent of Giroflex’ CHF 45.5 million (EUR 41.5 million) consolidated sales originated in Switzerland, Germany, Belgium, the Netherlands and Austria.
“We are very proud to welcome Giroflex into the Flokk family. Our two companies share most of the same philosophy on product quality and design, but complement each other as we mainly operate in different markets,” said Lars I. Røiri, CEO of Flokk.
“The acquisition of Giroflex will complement Flokk’s current product portfolio and further strengthen its presence in Europe. Giroflex and Flokk have many complementary resources and skills, and we look forward to support Giroflex in further growing the business", said Thomas Hofvenstam, Investment Advisory Professional and Head of Triton Advisers (Sweden) AB, an adviser to the Triton funds.
While Giroflex’ leadership is strong in Switzerland, Flokk has a number one position in Scandinavia and northern Europe. Giroflex will continue as a separate brand in Flokk’s portfolio. Earlier in 2017 both Malmstolen, a Swedish producer of swivel chairs, and Offecct a specialist in lounge furniture, became part of the group as well.
About Flokk
Flokk is the market leader in design, development and production of workplace furniture in Europe. The company is the proud owner of product brands HÅG, RH, BMA, Offecct, Malmstolen and RBM. About 620 employees work together to realize the vision of “Inspire great work”. The head office of Flokk is in Oslo (Norway), whereas production units are located in Røros (Norway), Zwolle (Netherlands) and Nässjö, Hunnebostrand and Tibro (Sweden). Flokk products are sold in more than 40 countries through own sales offices and partners. In 2016, Flokk’s sales amounted to approximately NOK 1.3 billion. The private equity company Triton has been the owner of Flokk since October 2014.
For further information: www.flokk.com
About Giroflex
Giroflex is the Swiss producer of perfectly structured, high quality and ergonomic swivel, conference and visitor chairs – seating, tailored to the human anatomy. Giroflex products are available around the world via branch sales offices in Germany, Belgium and the Netherlands as well as via international licensees and sales partners.
For further information: www.giroflex.com
About Triton
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 30 companies currently in Triton's portfolio have combined sales of around €14 billion and around 86,000 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
