JASPER, Ind. -- Kimball, a subsidiary of Kimball International, Inc., has announced that it has signed a definitive agreement to acquire substantially all the assets and assume certain specified limited liabilities of David Edward in Baltimore, Maryland. The closing is expected to be completed within 30 days, subject to customary closing conditions.
David Edward is a designer and manufacturer of contract furniture, sold in the healthcare, corporate, education and premium hospitality markets. David Edward sells primarily in the North American and Middle Eastern markets.
Their products are generally specified by architects and designers, represented through a network of independent representatives, and sold through authorized furniture dealerships. The David Edward product portfolio consists of classic and contemporary designs, focused primarily in the seating, tables and related furniture categories.
In conjunction with the asset acquisition, Kimball will lease the two existing David Edward production facilities in Baltimore and Red Lion, Pennsylvania totaling 235,000 square feet. The company employs approximately 170 craftspeople.
“We were inspired by David Edward employees’ commitment to quality and their incredible tailoring skills, which integrates the most technical and architectural aspects of furniture design,” said Mike Wagner, president of Kimball. “We will further invest in David Edward and build their brand by broadening their ancillary furniture portfolio with the goal of making David Edward the premier source of upholstery products for architects and designers. The synergy for Kimball lies in our ability to leverage David Edward’s excess production capacity to expand not just Kimball Health seating, but also our broader seating portfolio while tapping into their expertise to help us raise our level of design detail.”
David Edward will continue to operate independently, selling through their existing network of independent reps and authorized dealers.
“Greg, Kevin and I, are confident we’ve found a buyer that we are strategically aligned with and who is committed to investing in this business for future growth,” stated David Pitts, President of David Edward. “Our family has enjoyed fifty-five great years of building the David Edward brand, and we are excited for our employees and our customers as we enter this next chapter. This partnership will allow investments necessary for David Edward to reach higher levels of competitiveness and growth.”
David Edward had annual revenues of approximately $15.0 million in their latest fiscal year ended September 2018. The company will be purchased for $4.85 million, subject to certain post-closing working capital adjustments. See www.kimball.com
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