A Somerset-headquartered furniture company has entered into a strategic partnership with a Canadian manufacturer. Modus said the agreement with Ontario-based furniture company Teknion would support its international growth plans.
It also said the deal would expand Teknion’s product portfolio and reduce the carbon footprint of the North American company’s products for the UK and European markets through the use of its manufacturing facilities in Somerset.
Modus was founded in 2000 by friends Jon Powell and Ed Richardson and now employs more than 60 people in Chard.
“We are really excited about this new project,” Mr Powell said. “Our companies share the entrepreneurial spirit and long-standing collaboration with some of the world’s leading designers. Design has always been at the heart of our philosophy and we are thrilled to partner with a global manufacturer that understands the value of great design.
“Teknion has a significant global presence and we expect the partnership to drive strong growth for Modus.”
The accounting firm Albert Goodman advised on the transaction together with the law firm Clarke Willmott.
Michael Cahill, partner at Albert Goodman, added: “We have worked with Jon and Ed at Modus for almost 20 years and have seen the business develop and grow. Recently, with the growth of more agile and hybrid working models, the company is well positioned to adapt its product portfolio and this latest investment will support this.
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“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.”
Modus was recently certified as a B Corp and will continue to operate as an independent company, retaining its own brand and serving its dealer network while expanding its international reach.
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