Scandinavian originated Flokk Group reinforces its position as one of the leading players in Europe for office chairs and workplace furnishings as it adds Polish office chair manufacturer, Profim, to its family of brands with a total turnover of at least NOK 3Billion.
With Profim being one of the leading manufacturers of office furniture in Central Europe, and an increasing market shares in its main markets Germany and Poland, the acquisition would be, according to Flokk’s CEO Lars I. Røiri, “a great addition to Flokk’s network of strong regional brands and will bolster its manufacturing and purchasing processes by creating a strong ecosystem with existing sites in Norway, Sweden and Western Europe.”
Flokk has led the way in the consolidation of the industry, which is characterized by many smaller regional and national players. The company continues to deliver on its strategy with strong underlying organic growth, successful product launches and highly synergistic acquisitions. And with this new agreement, Flokk will be present in over 50 countries throughout the world as Profim has a global sales network of 1,100 dealers in 30 countries, serving both large and small customers.
The purchase of Profim will be settled by shares in Flokk. Funds advised by Triton, the main owner of Flokk, will continue as majority owner, while Innova Capital, which currently owns Profim, will be a significant minority shareholder. The transaction is expected to be completed by April 2018. Flokk and Profim will continue to operate as two separate companies until the transaction closes.