Steelcase to draw on credit facility for $127.5 million acquisition

By Devika Patel

Knoxville, Tenn., May 5 – Steelcase Inc. plans to use availability under its credit facility and cash on hand to fund its planned acquisition of Halcon.

The company plans to acquire Halcon’s equity interests for $127.5 million and includes an adjustment for working capital and a potential additional consideration of up to $9.5 million payable to the seller over three years based on the achievement of certain performance targets.

Halcon posted approximately $70 million of revenue over the trailing 12 months through April 2022, and its backlog of customer orders was approximately $56 million as of the end of April.

The acquisition is expected to close during Steelcase’s second quarter of fiscal 2023.

Steelcase is a Grand Rapids, Mich.-based office furniture manufacturer.

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