Through strong organic growth and multiple acquisitions, Flokk has been transformed from a Scandinavian player to the European market leader within office seating and furniture, with a strong foothold in the US market and annual revenues of about EUR 400 million, including Stylex.
“Stylex perfectly complements 9to5 Seating, our current US-based brand. 9to5 Seating from the West Coast has its strengths in task and meeting chairs, while Stylex from the East Coast is particularly strong within soft seating. Strong growth for 9to5 Seating combined with the acquisition of Stylex means the US strengthens its position as our biggest market by a substantial margin, creating a balance between Europe and North America and increased diversification for Flokk. This will increase our robustness across cycles and also deepen our global engineering synergies,” says Lars I. Røiri, CEO of Flokk.
The transaction is expected to close on 31 January 2024.
Stylex will continue to operate independently as a brand in the Flokk portfolio, led by CEO Bruce Golden. Since its founding in 1956 by the Golden family, Stylex has demonstrated success and dedication to crafting beautiful and functional products. Stylex headquarters and production facility are located in Delanco, New Jersey, with showrooms in New York City and Chicago and annual sales of about $50 million.
“Stylex brings a completely new and diverse product portfolio to Flokk's family of global brands, bringing our unique approach to innovation and design. Flokk is also a recognized sustainability leader in our industry, and the acquisition will open new opportunities to take the Stylex brand to the next level in terms of supply chain, production and market access,” says Bruce Golden, CEO of Stylex.
Following the acquisition of Stylex, Flokk will have acquired eight new brands to strengthen its portfolio in the last nine years.
“We’re impressed with the position built by Bruce and his team. We look forward to joining forces to develop the Stylex brand and the Delanco production facility and to work with their sales representatives, who will significantly strengthen our presence on the East Coast. Stylex’s strong position within lounge chairs and sofas is perfectly aligned with current office trends, as employers entice workers back to the office by offering attractive environments tailored to new ways of working,” says Mr Røiri.