Two global furniture groups to join forces
To further strengthen its position as a global player in the ready-to-assemble furniture market, Tvilum has acquired STEENS GROUP. The acquisition raises the combined annual revenue of the Group close to 300M EUR.
Tvilum and STEENS have both been strong players in the global ready-to-assemble furniture market and have shown significant growth as separate companies.
Combining the competencies and market insight of both companies to form a unified front utilizes the strengths behind both parties world-wide and thereby creates a larger and stronger business unit.
Our combined product offering covers the needs of both people looking to furnish their new apartment as well as those looking to give a new look to one of the rooms in their existing home.
Tvilum is on a great growth journey and has more than doubled its turnover since bankruptcy 3 years ago. It has also become clear that, post corona, the world will never be the same again. In Tvilum we are strong believers in segment diversification and extending our global presence. In the recent year, Tvilums revenue from ecommerce channels has grown to become a significant part of the company's turnover. We will now take the next step and include STEENS on this journey. Our new, stronger Tvilum will be a prime position to take advantage of this trend by further expanding its sales in both on- and offline channels.
Tvilum’s CEO Torben Porsholdt: “This acquisition also moves Tvilum into yet-to-be-discovered market segments and opens up a world of opportunities for further growing our market share. STEENS brings an interesting product portfolio to Tvilum and especially the children furniture excites me as this has been a potential and appealing focus area for Tvilum to grow into.
By closing this gap in our product portfolio, we can offer our customers a more complete product offering of furniture solutions than before.
Our employees are the foundation our companies are built on and I would hereby like to take this opportunity to welcome our new STEENS GROUP colleagues to the Tvilum family. I am sure we will go on to do great things together.”
Torben Porsholdt, CEO
Phone: +45 87 57 36 00