Kimball International intends to acquire Poppin

23.11.2020 − 

Kimball International intends to take over Poppin. The purchase price amounts to US$110m cash plus additional payments up to a maximum of US$70m if certain turnover and profit targets are met by 30 June 2024. The transaction is to be concluded by the end of the year. Poppin employs a staff of around 145 and sells its office furniture online as well as through 3,500 wholesalers and five showroom locations. Between 2014 and 2019 the company increased its turnover by an average of 40% per annum. During the current financial year, however, the impacts of the corona crisis have led to a turnover decline. For the first nine months, Poppin recorded turnover of US$44m and an EBITDA loss of US$5m.

According to Kimball CEO Kristie Juster, E-Commerce activities, for example, are to be expanded in connection with the takeover. Following conclusion of the transaction, Poppin is to be continued as a separate business division within the Kimball group and will be managed by current CEO and co-founder Randy Nicolau along with the existing management team.

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