• Swindon & Wiltshire M&A, deals
• Wednesday April 24 2024
• Author Name: Peter Davison

Furniture brand Modus receives investment from major Canadian furniture manufacturer

Somerset-headquartered international furniture brand Modus has entered into a strategic partnership with Canadian furniture manufacturer Teknion with support from Bristol-based accountants Albert Goodman and law firm Clarke Willmott.

The investment supports Modus’ international growth plans and expands Teknion’s portfolio of social and collaborative products.

The model is designed to facilitate a more sustainable move for Modus into new markets in North America, while enabling Teknion to significantly reduce the carbon footprint of its products for the UK and European markets with brands set to utilise Modus’ Somerset-based manufacturing facilities.

Established in 2000, Modus is one of the UK’s foremost contract furniture manufacturers. The business is led by co-founders and friends Jon Powell and Ed Richardson, and now employ over 60 people at its Somerset HQ in Chard.

“We are really excited about this new venture,” said Modus Managing Director, Jon Powell (pictured left).

“Our companies share an entrepreneurial spirit with a long history of working with some of the world’s leading designers.

“Design has always been central to our philosophy, and we are very happy to be partnering with a global manufacturer that understands the value of great design.

“Teknion has a significant global presence, and we expect to see the partnership drive strong growth for Modus”, says Jon. “For Teknion, our portfolio meets the demand for a softer, more inclusive, and collaborative workplace.“

Jon Powell and Ed Richardson of Modus

Albert Goodman accountants advised on the deal, along with Clarke Willmott.

Michael Cahill, partner at accountancy firm Albert Goodman who advised on the deal, said: “We have been working with Jon and Ed at Modus for the best part of 20 years and have seen the business evolve and grow.

“More recently with the growth of more agile and hybrid working models, the business has been well placed to adapt its product portfolio and this latest investment will support this.

“We are proud to have worked with Modus to broker this latest investment from Teknion and look forward to seeing where this takes the brand.”

Recently certified as B Corp, Modus will continue to operate as an independent company, retaining its own brand and servicing its dealer network whilst expanding its international reach.

Latest: Accountants alert business leaders to prepare for audit changes