Knoll, Inc. (NYSE:KNL) today announced the acquisition of Fully,
the Portland, Oregon-based ecommerce furniture brand that helps
people get moving, engaged and feeling their best at work.
Founded in 2006 by David Kahl, Fully pioneered
direct-to-consumer sales of high-quality, high-performance
adjustable height desks, ergonomic chairs and accessories
principally for individual home offices and small businesses
through fully.com. Fully first earned B Corp Certification in
2015. Certified B Corporations are businesses that meet the
highest standards of verified social and environmental performance,
public transparency and legal accountability.
The acquisition of Fully represents a digitally native platform
for Knoll, allowing the Company to reach a new audience principally
outside of its current distribution while simultaneously leveraging
Fully’s product portfolio across channels, increasing the breadth
of ergonomic designs available to Knoll clients and dealers. It
also further advances the Knoll strategy of building its capability
as a go-to resource for workplaces and homes, including the
commercial contract, decorator to-the-trade and consumer
markets.
Andrew Cogan, Knoll Chairman and CEO, stated, “We are pleased to
welcome the Fully team to the Knoll constellation of brands. This
acquisition aligns with our strategy to reach clients wherever and
however they work. Fully’s design-driven products and
unparalleled commitment to customer service reflect our goal to
reach new consumers and small businesses, while broadening our
range of products and price points as well.”
Commenting on the transaction, David Kahl, Fully Founder and
CEO, said, “We are excited to draw from Knoll’s 80+ years of office
furniture experience and unparalleled design pedigree to fuel our
unique, human-centered approach to the workplace. Since Knoll also
shares our deeply-held values, they were the perfect partner for
us.”
Fully, with trailing twelve months revenues of $54.0 million,
will continue to operate as an independent company and B Corp
headquartered in Portland, and will maintain its spirited,
independent brand identity and website.
To acknowledge a shared commitment to Certified B Corporations,
Knoll, Fully and Big Path Capital, who represented Fully in the
transaction and is also a B Corp, will make a contribution to the
non-profit B Lab. B Lab oversees B Corp Certification and B Impact
Management programs that support businesses in meeting the highest
standards of social and environmental performance, public
transparency and legal accountability to leverage business as a
force for good.
The acquisition of Fully is for $35.0 million plus contingent
future payments dependent on the performance of the business over
the next four years. The acquisition is expected to be accretive in
the first year. The Company noted that it funded the acquisition
through cash on hand and borrowings under its credit facility.
About Knoll
Knoll, Inc. is a constellation of design-driven brands and
people, working together with our clients to create inspired modern
interiors. Our internationally recognized portfolio includes
furniture, textiles, leathers, lighting, accessories, and
architectural and acoustical elements brands. These brands — Knoll
Office, KnollStudio, KnollTextiles, KnollExtra, Spinneybeck |
FilzFelt, Edelman Leather, HOLLY HUNT, DatesWeiser and Muuto —
reflect our commitment to modern design that meets the diverse
requirements of high-performance workplaces and luxury interiors. A
recipient of the National Design Award for Corporate and
Institutional Achievement from the Smithsonian`s Cooper-Hewitt,
National Design Museum, Knoll, Inc. is aligned with the U.S. Green
Building Council and the Canadian Green Building Council and can
help organizations achieve the Leadership in Energy and
Environmental Design (LEED) workplace certification. Knoll, Inc. is
the founding sponsor of the World Monuments Fund Modernism at Risk
program.
Investors:Charles RayfieldSenior Vice President and Chief
Financial Officer Tel 215 679-1703crayfield@knoll.com
Media:David E. BrightSenior Vice President, Communications Tel
212 343-4135dbright@knoll.com
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