Kimball International Inc. (Nasdaq: KBAL) is buying furniture design company Poppin for up to $290 million. The purchase price is $110 with an additional earnout of up to $180 million.
Kimball says it is an ideal time for the furniture company to add Poppin because more people are working from home. “Additional growth opportunities that we will pursue include expanding Poppin’s vertical expertise and product line in the health and hospitality verticals, leveraging Poppin’s industrial design capabilities, and launching new, innovative products together that address the needs of the re-imagined workplace in both office and work from home,” says Kimball CEO Kristie Juster.
“Kimball shares our view of the future of work, which we see as comprised of traditional office environments, satellite offices and work-from-home,” adds Poppin CEO Randy Nicolau.
JPMorgan and Schiff Hardin are advising Kimball. Cooley is advising Poppin.