London office furniture specialist acquires Spanish design firm for €30 million
Steelcase Inc. announced it has acquired Viccarbe Habitat, S.L., a Spanish designer of contemporary furniture for “high-performance, collaborative, and social spaces”.
The deal builds on more than 10 years of successful partnership between Viccarbe and Steelcase, and involves the acquisition of all the outstanding capital stock of Viccarbe in an all-cash transaction for €30 million less an adjustment for working capital.
This is with an additional consideration of up to €19 million payable to the sellers over five years based on the achievement of certain performance targets, milestones and continued employment.Viccarbe reported revenue of approximately €14.5 million over the trailing twelve months through September 2021.
Founder Victor Carrasco commented: “We inspire Mediterranean experiences in collaborative spaces through the creation of warm and timeless pieces,” said Victor 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.”
Senior vice president and chief revenue officer of Steelcase, Allan Smith, added: “We are excited to bring our portfolios together and leverage our global scale to manufacture and distribute Viccarbe’s products around the world,”. “We expect to drive strong growth of the Viccarbe portfolio by making it even more accessible to our customers and dealers.”
“Through applied research and user insights, our high-performing ancillary applications consider the relationship between posture, privacy, proximity and personality to design spaces where people feel a sense of psychological comfort and can be their most productive.”
“Viccarbe has tremendous design sensibilities and has a track record of translating those designs into commercially successful products that support new ways of working.”
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