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Knape & Vogt acquires CompX furniture operations for $59M and Diamond Storage Concepts
Knape & Vogt celebrated the New Year by announcing it has acquired companies in Canada, Taiwan and Nevada.
CompX (NYSE MKT:CIX) sold its furniture parts production to Knape & Vogt, consisting of Waterloo Furniture Components in Kitchener, Ontario, and the Dynaslide division located in Taipei, Taiwan, to KV for about $59 million in cash, according to a CompX announcement.
Knape & Vogt also acquired the assets of Diamond Storage Concepts in Las Vegas. Diamond sells the Hyloft brand of ceiling mounted overhead storage, wall-mounted shelving and tire-storage products. Terms of the transaction were not released.
Both divisions of CompX produce precision ball bearing slide products to the OEM market, including office furniture, appliances, commercial tool chests, computer servers and others. The Waterloo division is a market leader in ergonomic office and health care workstation products, providing adjustable keyboard platforms, computer monitor supports, wall-mounted workstations and other accessories.
“The acquisition of Waterloo Furniture Components and Dynaslide will provide Knape & Vogt with access to new customers and markets and an expanded presence in our office OEM and distribution channels,” said Peter Martin, president/CEO of Knape & Vogt. “The combined resources of KV and these two companies provide an enhanced slide product line, a full array of ergonomic accessory products and an exciting new growth opportunity through the addition of wall mounted workstation products for hospitals, medical clinics and other health care providers.”
KV’s “rapidly growing international business” will benefit from Dynaslide’s wide range of slide products, added Martin, with KV’s existing GSlide product line allowing for expanded sales within both companies.
Martin said the acquisition of Diamond Storage Concepts and the Hyloft brand adds to KV’s line of garage and utility storage products.
“Garage storage is one of the fastest-growing categories in home storage and organization,” said Martin. “The addition of Hyloft products and the Diamond Storage team to our company will provide opportunity to further penetrate this important category.”
Based in Grand Rapids for more than 100 years, Knape & Vogt is a privately held manufacturer of furniture hardware, storage-related components and ergonomic products for OEMs, specialty distributors, office products dealers, hardware chains and major home centers throughout the U.S. and Canada.
The company is best known for its KV brand and GSlide brand drawer slides, plus kitchen and bath storage products, wall-attached shelving, closet hardware and specialty hardware and Workrite brand ergonomic office products.