GRAND RAPIDS — Global office furniture maker Steelcase Inc. has acquired one of its longtime collaborative design partners in an all cash deal.
The Grand Rapids-based Steelcase (NYSE: SCS) announced today that it acquired Viccarbe Habitat S.L., a Spanish company that designs contemporary furniture for social spaces within industries that include hospitality, education and corporate.
Steelcase acquired all outstanding capital stock of Viccarbe for $35 million with an additional consideration of up to $22 million payable to the sellers over five years based on achievement of certain performance targets. Steelcase funded the purchase with cash on hand.
“We are excited to bring our portfolios together and leverage our global scale to manufacture and distribute Viccarbe’s products around the world,” Allan Smith, senior vice president and chief revenue officer at Steelcase, said in a statement. “We expect to drive strong growth of the Viccarbe portfolio by making it even more accessible to our customers and dealers.”
Viccarbe was founded in 2000 by Victor Carrasco and Daniel Benedito. Over a 12-month period from September 2020-2021, the company generated around 14.5 million euros, or $16.8 million, in revenue.
“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,” Smith said. “Viccarbe has tremendous design sensibilities and has a track record of translating those designs into commercially successful products that support new ways of working.”