GRAND RAPIDS — Office furniture maker Steelcase Inc. plans to acquire a California-based maker of height adjustable desking, benching and seating for workstations.
According to a statement, Grand Rapids-based Steelcase (NYSE: SCS) signed a definitive agreement to acquire AMQ Solutions, which had revenues of approximately $37 million over the 12-month period.
Steelcase expects the all-cash transaction to be finalized during the fourth quarter of the company’s current 2018 fiscal year, pending regulatory approvals.
Terms of the deal were not disclosed.
The acquisition comes at a time when the furniture maker aims to offer products at more price points to meet customer needs, which the AMQ portfolio will fill. AMQ’s products will be made available via Steelcase dealers following the completion of the transaction.
“There is great value to be created in joining our two companies,” Allan Smith, vice president of global marketing at Steelcase, said in a statement. “AMQ is eager to grow by leveraging our industry-leading dealer network and global reach, and we expect to drive further growth by offering additional product choices and leveraging AMQ's supply chain capabilities for Steelcase.”
As the workplace evolves, Steelcase has “been increasing the breadth of our product offering through product development, partnerships and, in this case, acquisition,” stated President and CEO Jim Keane.
“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,” Keane stated.
Steelcase has more than 800 dealer locations and generated approximately $3 billion in revenue in its 2017 fiscal year, which ended Feb. 24, 2017.