New Jersey-based Dancker has made its second acquisition of a Baltimore-based office furniture dealer this year, the company said Monday.
Dancker acquired the assets of Hyperspace, a Steelcase furniture dealer. It bought the assets of U.S. Business Interiors, also a Steelcase supplier, in July.
Dancker is a privately held company and the terms of the deals were not disclosed.
Hyperspace, a Steelcase furniture dealer with offices in Baltimore and Hagerstown, has a staff of about 20 between its two locations. Dancker CEO Steven Lang said only about 10 of those employees — primarily those in the Baltimore office — will be brought on with the acquisition.
The deal will go into effect immediately and is the latest signal that the firm is expanding its Baltimore area footprint.
"It's a chance to consolidate Steelcase's support in Baltimore so there is now a single dealer representing them in Baltimore and the surrounding area," Lang said. "With local leadership, local employees and local contacts we hope to regain a market leadership position with and for Steelcase."
Baltimore is the "perfect location for achieving this goal," Lang said in a release. He noted that Steelcase has made Charm City a specific focus of its investments.
In July, Dancker acquired U.S. Business Interiors, including its Capitol Heights headquarters, its roughly 60 employees and a showroom on South Charles Street in Baltimore. At the time, Lang said USBI's assets were valued at between $40 and $50 million, but declined to disclose the terms of the deal.
Lang also declined to share the cost of purchasing Hyperspace's assets, but said the company's top line revenue in fiscal 2018 was about $15 million.
He said Dancker's top line revenue is now about $180 million with the new deal.
While Dancker will not run operations out of Hyperspace's Hagerstown office, the company will continue to serve the area with its Baltimore staff.
In its search for new talent, Lang said the company is looking for local individuals who have planted their roots here and know the industry — even someone who is a second or third generation Baltimorean. He wants them to continue to represent Baltimore and not feel like a "big guy from New York" swooping into the market.