Steelcase has bought furniture manufacturer Viccarbe in a deal that could be worth €49m.
21 years after Victor Carrasco and Daniel Benedito founded the company in Valencia, it will become part of the US$2.6bn group.
Steelcase is paying €30m upfront (less an adjustment for working capital), with a further €19m payable over five years based on performance targets, milestones and continued employment.
‘We inspire Mediterranean experiences in collaborative spaces through the creation of warm and timeless pieces,’ says Carrasco. ‘The Viccarbe collection is the result of years of work in partnership with the most prestigious international designers. My dream has long been to expand our reach and impact in the world, and we are excited to achieve this together with Steelcase.’
‘We are excited to bring our portfolios together and leverage our global scale to manufacture and distribute Viccarbe’s products around the world,’ says Allan Smith, Steelcase senior vice president and chief revenue officer. ‘We expect to drive strong growth of the Viccarbe portfolio by making it even more accessible to our customers and dealers.
‘Viccarbe has tremendous design sensibilities and has a track record of translating those designs into commercially successful products that support new ways of working.’
Viccarbe had sales of €14.5m in the year to September.
