Steelcase Sells Viscom Unit

Steelcase Sells Viscom Unit

(FEBRUARY 24, 2020) Office furniture giant Steelcase has sold its PolyVision visual communications subsidiary to a private equity buyer.
The business has been acquired by US investment firm Industrial Opportunity Partners for a cash purchase price of $74 million (excluding post-closing adjustments for working capital and other items). Steelcase said the transaction represented a commitment to “disciplined portfolio management in pursuit of growth” that would allow it to allocate capital and organizational resources to other opportunities. Approximately $41 million of the proceeds will be used to settle a note payable with the remainder to be invested in growth strategies, the company said in a regulatory filing.
Founded in 1954 and with manufacturing facilities in the US and Belgium, PolyVision was acquired by Steelcase for $176 million in 2001. The company makes ceramic coated steel used in whiteboards, chalkboards and architectural cladding.
Steelcase and its affiliates will continue to market certain PolyVision branded products to provide customers with a full suite of collaboration solutions. It was also noted that all PolyVision employees remained with the company following the closing of the transaction.
For the first three quarters of Steelcase’s 2020 financial year, PolyVision reported sales of $48.2 million and an operating profit of $5.6 million. - (OPI)