Here are the big business deals being made in Wales right now. From big investments to mergers, expansions and new ventures. 18:14 A Valleys office furniture maker has just been bought for £63m A Valleys manufacturer of high quality office furniture has been acquired in a £63m deal, in the biggest business deal this year in Wales. Nantgarw-based Orangebox has been bought by American firm Steelcase, which is listed on the New York Stock Exchange and generates annual sales of $3.1bn. With its HQ and main manufacturing base in Nantgarw, Orangebox, which also has offices in London, New York and Dubai, and other manufacturing bases in Huddersfield and Michigan in the US, has a workforce of 450. However, the majority, 350, are employed in Nantgarw just north of Cardiff. The deal will allow Steelcase which has acquired a 100% stake in the business, to accelerate its product development in Europe and around the world. The is aim is to double the size of Orangebox over the next five years Cardiff-based Gambit Corporate Finance acted as lead advisor to the shareholders of Orangebox on initiating, negotiating and structuring the transaction, which involves the acquisition of Orangebox for £60m, less an adjustment… Read full this story
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