Triton lands €228m office chair deal

The Nordic-focused firm is currently investing its fourth fund, which closed on €3.5 billion last May

Triton Partners, a buyout firm in the Nordic region, has acquired Scandinavian Business Seating, a European office chair manufacturer.

The firm acquired the business for NOK 1925 million (€229 million, $311 million), according to a statement. The transaction remains subject to approval by the relevant anti-trust authorities, the firm said.

Oslo-based Scandinavian Business Seating offers a range of products through three different brands, HÅG, RH and RBM. It has approximately 460 employees, with production sites in Sweden and Norway, and sells through an independent network of distributors in ten countries.

Triton made the investment using capital from Triton IV, a €3.5 billion fund that closed last May above its original €2.4 billion target, PEI reported at the time.

The firm has made a number of investments using this vehicle. In March, Triton agreed to buy Cubility, a Norwegian oil services company, from Energy Ventures for an undisclosed sum, while in February, it sold Puukeskus, a distributor of wood-based building materials in Finland and the Baltic region to a strategic buyer.

Triton targets mid-market buyout and special situation investments in the German-speaking and Nordic region. It typically backs businesses in the industrials, business services and consumer sectors.

The 26 companies currently in Triton's portfolio have combined sales of approximately €13 billion and more than 55,000 employees, according to the firm.