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Kimball wrapped up Poppin acquisition in early December

15.01.2021 − 

Kimball International completed its takeover of Poppin in December after announcing this deal in early November. Founded in 2009, the firm employs some 145 workers and sells its office furniture online and via 3,500 wholesalers and five showroom sites. The purchase price had previously been put at US$110 in cash plus additional maximum payments of US$70m if certain revenue and profit targets were reached by 30 June 2024. Poppin had raised its annual revenues by an average of 40% each year between 2014 and 2019, but the knock-on effects of the pandemic were expected to result in a weaker performance in 2020. Poppin posted revenues of US$44m and an EBITDA loss of US$5m for the first nine months.

Kimball plans to expand its e-commerce activities with this acquisition. Poppin will continue to operate as a separate division within Kimball and be led by current CEO and co-founder Randy Nicolau and its current management team.

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