by OSLO, Norway — Norway-based workplace seating manufacturer Flokk has acquired Spec Furniture of Toronto, Canada, from Sauder Manufacturing, the company announced this week.
Toronto-based Spec Furniture, which was founded in 1991 and operates a plant in Toronto, employs about 180 workers and serves four major contract market segments in the U.S. and Canada including health care, education, corporate and behavior health.
With this acquisition, Flokk said close to half its $550 million in revenues will now be generated in North America, “strengthening the company’s position in Canada while also gaining access to the growing health-care segment.”
“We are very pleased to welcome Spec to the Flokk group,” said Henning Karlsrud, chief executive officer of Flokk. “Their strong position in high-quality, configure-to-order products for the contract market, particularly within health care, complements our existing portfolio exceptionally well. This is Flokk’s 10th acquisition in almost as many years, demonstrating how we are actively shaping and consolidating a fragmented industry by providing a strong platform for innovative brands to grow. The acquisition also underscores our strategic focus on North America, a market that has seen robust growth in recent years and provides valuable geographic diversification. Our foothold on both sides of the Atlantic makes us one of the few companies with a transatlantic presence within the workspace seating industry, strengthening our position as a global player.”
The acquisition also allows Sauder to focus on its residential RTA business, which primarily serves major retailers in the U.S. including Walmart, Lowe’s, Home Depot, Office Depot and Wayfair, to name several. This includes a wide mix of office and home entertainment furniture along with bedroom, kitchen and dining, accent chairs and tables, kids furniture, bookcase and other storage, and even bath and pet furniture.
According to a news release, Flokk said it also sells office furniture through several leading brands in Europe and North America. “While its heritage comes from Scandinavia, mainly within task chairs, today Flokk is an international company serving blue-chip clients globally as a total seating solution provider,” the release stated.
Charlotte, North Carolina-based investment banking firm Stump & Co. represented Spec Furniture in this transaction.
