Herman Miller + Knoll.
Zeeland, MI + East Greenville, PA — Wednesday, April 19, 2021, was far from a typical mid-week work day. Herman Miller announced their acquisition of fellow modern design leader, Knoll. Combining both company’s portfolios and brand partners greatly expands and diversifies both commercial and residential markets.
The stock transaction is valued at $1.8 billion and planned to close at the end of Q3 in 2021. In total, Herman Miller and Knoll will together have a global presence of 64 showrooms, 50 retail locations, 19 brand leaders and both brands’ dealer network.
“This transaction brings together two pioneering icons of design with strong businesses, attractive portfolios and long histories of innovation.
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 abilities, 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 combined business.”
- Andi Owen, President and Chief Executive Officer, Herman Miller
Source: Knoll.com
Source: Knoll.com
Andi Owen will hold the role as President and Chief Executive Officer of both Herman Miller and Knoll as a united company once the transaction closes. Andrew Cogan, Knoll Chairman and Chief Executive Officer, will leave the company after a 30-year career.
“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.
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.”
- Andrew Cogan, Chairman and Chief Executive Officer, Knoll
Source: HermanMiller.com
Source: HermanMiller.com
The benefits:
Pairs two industry pioneers to catalyze the transformation of the home and office at a time of unprecedented disruption.
Combines two highly complementary business to create a broader product portfolio.
Enhances scale and capabilities to drive growth and profitability.
Accelerates digital and technology transformation.
Brings together common cultures and capabilities, with a share commitment to social responsibility.
Delivers significant financial benefits.
Source: