Furniture maker acquiring $37M company
A local office furniture maker is acquiring a producer of desks, seats and benches for open workplaces.
Grand Rapids-based Steelcase said today it entered into an agreement to acquire all outstanding membership interests of Santa Clara, California-based AMQ Solutions and “certain assets of an affiliated company" in an all-cash transaction.
AMQ’s furniture is also used in “collaborative environments” and training rooms.
The manufacturer’s revenue for the past 12 months was about $37 million.
Terms of the deal were not disclosed.
The acquisition is expected to be completed during the fourth quarter of fiscal year 2018, subject to closing terms and regulatory approval.
Steelcase said the purchase will help it “provide a broader range of price points” in the global market.
Following the sale, authorized Steelcase dealers will be able to offer AMQ’s product portfolio.
“As the workplace continues to evolve to support new ways of working, we have been increasing the breadth of our product offering through product development, partnerships and, in this case, acquisition,” said Jim Keane, president and CEO, Steelcase.
“The AMQ product portfolio provides a great platform for scalable growth, as we combine the strength of the Steelcase network with the AMQ business model.”
Steelcase also recently announced marketing and distribution relationships with Blu Dot, Bolia, FLOS and Mitchell Gold + Bob Williams.
Founded in 1912, Steelcase (NYSE: SCS) offers a portfolio of architectural, furniture and technology products and services designed to “unlock human promise and support social, economic and environmental sustainability.”
Steelcase sells through its family of brands: Steelcase, Coalesse, Designtex, PolyVision, Turnstone and Workspring.
The global manufacturer has more than 800 dealer locations and reported fiscal 2017 revenue of $3 billion.