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XMS Serves as Financial Advisor to Steelcase on sale of PolyVision

March 02, 2020

CHICAGO, ILLINOIS, Feb. 24, 2020 – XMS Capital Partners, LLC (“XMS”) a global, independent financial services firm providing investment banking, asset management and merchant banking services, announced that it served as financial advisor to Steelcase Inc. (NYSE: SCS) on its divestiture of PolyVision Corporation (“PolyVision”) to an affiliate of private equity firm, Industrial Opportunity Partners. Headwall Partners, LLC, a corporate finance and strategic advisory firm focused on the steel, metals, mining, paper, packaging, and building materials industries advised Steelcase in conjunction with XMS.

PolyVision is a U.S. and Belgium-based manufacturer of ceramic coated steel used in whiteboards, chalkboards, and architectural cladding. Industrial Opportunity Partners is a U.S.-based private equity firm focused on investing in middle market manufacturing and distribution businesses.

This transaction reflects Steelcase’s commitment to disciplined portfolio management in pursuit of growth. Steelcase has been investing to support its growth strategies in the office furniture industry. Continuing to execute these growth strategies requires periodic investment prioritization, and the sale of PolyVision will allow Steelcase to allocate capital and organizational capacity to other opportunities.

Jim Keane, President and CEO of Steelcase, said, “This transaction enables us to provide greater focus and resources to our growth strategies while simultaneously allowing PolyVision to flourish under new ownership solely focused on its success.”

Steelcase and its affiliates will continue to market certain PolyVision branded products to provide customers with a full suite of collaboration solutions, and all PolyVision employees remained with the company following the closing of the transaction.

Chris Willis, Director at Industrial Opportunity Partners, said, “We are excited to partner with the PolyVision team. We believe that PolyVision has a strong position in the market and an excellent reputation with its customers.”

XMS Capital Partners acted as exclusive financial advisor to Steelcase for this transaction.

About Steelcase Inc.

For over 107 years, Steelcase Inc. has helped create great experiences for the world’s leading organizations, across industries. We demonstrate this through our family of brands – including Steelcase®, Coalesse®, Designtex®, Turnstone®, Smith System®, Orangebox® and AMQ®. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including over 800 Steelcase dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2019 revenue of $3.4 billion.

About PolyVision

PolyVision is a global leader in the innovation and manufacture of CeramicSteel for a variety of industries. For over 65 years, we’ve helped make the world a better place by creating products that enhance visual experiences and connect people to their environments. PolyVision CeramicSteel is used around the world for traditional chalkboard and whiteboard surfaces, modern collaboration products for many of the world’s most influential organizations and architectural walls and cladding for public spaces. Headquartered in Atlanta, Georgia, PolyVision does business in over 65 countries. For more information about CeramicSteel and its uses, visit

About Industrial Opportunity Partners

IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $400 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at

About XMS Capital Partners

XMS Capital Partners, established in 2006, is a global, independent financial services firm providing investment banking, asset management and merchant banking services to clients. It has offices in Chicago, London and Dublin. XMS provides Involvement BankingTM, which goes beyond transaction oriented investment banking and focuses on delivering objective, value added advice and custom tailored solutions to help clients achieve their strategic goals. It consistently creates value for its clients by giving them access to comprehensive, independent M&A, strategic advisory, financial restructuring, capital structure advisory and private capital advisory expertise. XMS Capital Partners, LLC is a FINRA member and SIPC member. XMS Capital Partners (UK) Limited is authorized and regulated by the Financial Conduct Authority. For more information, please visit

Media Contact:

Hank Hakewill, Hakewill & Associates
Phone: 847-256-5420 (office); 847-714-6561 (cell)

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