HERMAN MILLER ACQUIRES KNOLL FOR $1.8 BILLION
FEATURING: HERMAN MILLER, KNOLL
April 22, 2021
Earlier this week, furniture brand Herman Miller and manufacturer Knoll announced that they’ve entered into an agreement that will see the two combined into one company by the end of the third quarter, 2021. The cash and stock transaction is valued at $1.8 billion and was unanimously approved by both companies’ Boards of Directors, said the press release which was shared on a new, combined website.
PIONEERING ICONS TO PREEMINENT LEADERS
“This transaction brings together two pioneering icons of design with strong businesses, attractive portfolios, and long histories of innovation,” says Andi Owen, President and Chief Executive Officer of Herman Miller. “As distributed working models become the new normal for companies, businesses are reimagining the office to foster collaboration, culture, and focused work, while supporting a growing remote employee base. At the same time, consumers are making significant investments in their homes. With a broad portfolio, global footprint, and advanced digital capabilities, we will be poised to meet our customers everywhere they live and work. Together, we will offer a deep portfolio of brands, technology, talent, and innovation, to create meaningful growth opportunities in all areas of the combined business.”
"WITH A BROAD PORTFOLIO, GLOBAL FOOTPRINT, AND ADVANCED DIGITAL CAPABILITIES, WE WILL BE POISED TO MEET OUR CUSTOMERS EVERYWHERE THEY LIVE AND WORK."
- Andi Owen, President and CEO, Herman Miller
THE WORKPLACE AT OUR FINGERTIPS
This highly complementary combination will create the preeminent leader in modern design, catalyzing the transformation of the home and office sectors at a time of unprecedented disruption. Herman Miller and Knoll collectively have 19 leading brands, a presence across over 100 countries worldwide, a global dealer network, 64 showrooms globally, more than 50 physical retail locations, and global multi-channel eCommerce capabilities. “This combination validates the strategic direction and our success in building a preeminent constellation of design-driven brands and leaders, and is a testament to the achievements of the entire Knoll team in bringing a contemporary perspective to how we work and live,” says Andrew Cogan, Chairman and Chief Executive Officer of Knoll. “We believe this combination offers significant benefits to our shareholders, clients, dealers, and associates. Our shareholders will receive immediate and certain value, as well as future upside potential through ownership in an industry leader with significant growth opportunities. Our clients, the design community, and dealers will have access to an expanded, exceptional portfolio of brands through enhanced channels. And our associates will benefit as part of a larger and more diversified company with a shared design legacy.”