Here’s what the acquisition means for both companies, stakeholders and the design community as a whole.
April 29th, 2021
Spanning across 100 countries worldwide, the acquisition will see the two brands form the basis of their work around conceiving what residential and commercial spaces require from furniture in a post-pandemic world.
Herman Miller and Knoll collectively have 19 leading brands and a global distribution power that is a force to be reckoned with, including 64 showrooms, more than 50 physical retail locations, multi-channel eCommerce capabilities and an inimitable troop of dealers to boot.
Both companies share mutual values surrounding commitment to design, innovation and sustainable practice, and the acquisition by Herman Miller will ensure the long-term future of Knoll as a renowned design firm that has crafted premium home, office and higher education pieces and accessories since 1938.
Andi Owen, chief executive officer and president of Herman Miller, says the acquisition by the company will build an unprecedented network within the design sphere.
“This transaction brings together two pioneering icons of design with strong businesses, attractive portfolios and long histories of innovation,” he says.
“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.”
Knoll CEO and Chairman Andrew Cogan says the purchase of the company will bear fruit for many members of the design community.
“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,” he says.
“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.”
“In addition to driving value for Herman Miller and Knoll shareholders, dealers and customers will benefit from a broader combined portfolio that will deliver beauty, joy, efficiency and utility. The transaction will also create enhanced opportunities for employees across both organisations. Herman Miller and Knoll both have cultures guided by values that support problem-solving design, and doing well by doing good, and these shared beliefs will contribute to a smooth integration.”
The acquisition will be made by means of a cash and stock transaction valued at $1.8 billion. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close by the end of the third quarter of calendar year 2021, subject to the satisfaction of closing conditions.
For more information regarding the acquisition, click here.
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