Fellowes, the US-headquartered global manufacturer and marketer of business machines, records storage and office accessories, has acquired a 20% stake in East Sussex-based Posturite Ltd.
The deal, brokered by EMC CEO, Nik Askaroff who is also Posturite’s chairman, forms part of Fellowes’s recently-launched Thrive 2020 plan designed to deliver global growth .
Posturite, based at Berwick, near Lewes, is a UK market leader in the manufacture and supply of ergonomic office equipment. It employs 200 people and has a turnover of £25m. Its customer base includes 80% of the UK’s top 250 companies who use Posturite to help them solve or avoid musculoskeletal problems among their staff.
The company’s CEO, Ian Fletcher-Price, who founded the business in 1991 with a single product – an adjustable sloping writing board – knocked up in his mother’s garden shed, said: “We are working on a three-year plan to double the size of the business through organic growth, product innovation and expansion overseas. This will be greatly enhanced by our partnership with Fellowes.
“I am delighted to have been recognised by such an important organisation as being worthy of joining the family to enhance the Fellowes ergonomic offering. It’s a tremendous honour to know that a small UK start-up is now in a position to take its place on the global stage to up-scale our successful business model.”
Fellowes, which celebrates the centenary of its founding this year, has its headquarters in Itasca, Illinois. It employs more than 1,200 people throughout the world and has operations in 16 countries. Its products are sold in over 100 countries across the globe.
John Fellowes, President and CEO of Fellowes Brands said: “This agreement not only gives Fellowes a 20% shareholding in the Posturite business but, more importantly, this partnership will bring us new products, opportunities and capabilities, all focused on accelerating our growth in the workplace wellness category.
“We are confident that this new agreement will present both businesses with significant opportunities to expand and drive future growth.”Back to all news