Clearwater International advises String Furniture on its sale to Altor and Network of Design
Clearwater International has advised String Furniture, a leading Swedish furniture designer on its sale to Altor Equity Partners (Altor) to form the first building block of designer brand house, Network of Design.
String Furniture is a leading Swedish designer brand within modular shelving systems. With a history rooted in the Swedish classic design, the original String Shelf was designed in 1949 by Nils and Kajsa Strinning. String Furniture was founded in 2004 by Pär Josefsson and Peter Erlandsson in close collaboration with the Strinning family and has grown rapidly over the years.
The Company has expanded geographically throughout the years and is now available in large parts of the world. Its strong markets include Germany and Japan outside of Scandinavia. String Furniture collaborates with well renowned designers in the industry and has expanded its product portfolio over the years, introducing additions to the systems as well as new product lines. In 2020 String Furniture had revenues of €32.6m (SEK 330m) and continues to grow at a fast pace.
Altor Equity Partners has acquired String Furniture as the first building block in a designer brand house within the consumer space, Network of Design. The current owners remain, with a significant ownership stake post transaction and will continue to take part in the Company’s evolution going forward, together with Altor.