GRAND RAPIDS, Mich. -- Steelcase Inc. has acquired Viccarbe Habitat, S.L., a Spanish designer of contemporary furniture for high-performance collaborative and social spaces. The two companies have had a partnership for more than 10 years.

Announced Oct. 27, Steelcase's $35 million (£30 million) purchase includes Viccarbe's outstanding capital stock less an adjustment for working capital, with additional consideration of up to $22 million (€19 million) payable to the sellers over five years based on the achievement of certain performance targets, milestones and continued employment. Steelcase funded the acquisition using cash on hand.

Viccarbe reported revenue of approximately $16.8 million (€14.5 million) over the trailing twelve months through September 2021. The company has partnered with leading global talent such as Jean-Marie Massaud, John Pawson, Patricia Urquiola, Piero Lissoni, Naoto Fukasawa, and Jaime Hayon.

Viccarbe was founded in Valencia in 2000 by Victor Carrasco and Daniel Benedito. “We inspire Mediterranean experiences in collaborative spaces through the creation of warm and timeless pieces,” said Victor Carrasco. “The Viccarbe collection is the result of years of work in partnership with the most prestigious international designers. My dream has long been to expand our reach and impact in the world, and we are excited to achieve this together with Steelcase.”

“We are excited to bring our portfolios together and leverage our global scale to manufacture and distribute Viccarbe’s products around the world,” said Allan Smith, senior vice president, chief revenue officer at Steelcase. “We expect to drive strong growth of the Viccarbe portfolio by making it even more accessible to our customers and dealers.”

Founded in 1912 and ranked 2 on the FDMC 300 list of largest North American wood products manufacturers, Steelcase (NYSE: SCS) is an environmentally sustainable manufacturer of contract furniture and systems for the office, hospitality and healthcare industries, with brands including Steelcase, Steelcase Learning, Steelcase Health, Coalesse, Designtex, Orangebox, AMQ and Smith System. The company posted a fiscal year 2021 revenue of $2.6 billion.