EAST GREENVILLE, Pa. — Knoll, Inc. announced the acquisition of Fully, a Portland, Oregon-based eCommerce furniture brand with products targeted for home offices and small businesses.
Announced Aug. 26 by Knoll, the acquisition is for $35 million plus contingent future payments, dependent on the performance of the business over the next four years. Fully will continue to operate as an independent company, brand and website, with its headquarters in Portland. The eCommerce firm reported revenues of $54 million for the trailing 12 months.
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 its website, fully.com. The company is a certified B Corp., with verified social and environmental performance, public transparency and legal accountability.
Knoll said Fully's digitally native platform enables it to expand its distribution and reach a new audience, while the leveraging of Fully’s product portfolio increases the breadth of ergonomic designs available to Knoll clients and dealers. The acquisition 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, the company said.
“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,” said Andrew Cogan, Knoll chairman and CEO.
Fully CEO Kahl said, “We are excited to draw from Knoll’s 80-plus 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.”
The acquisition is expected to be accretive in the first year. Knoll noted that it funded the acquisition through cash on hand and borrowings under its credit facility.
Knoll ranked #12 on the FDMC 300 list of top North American wood products producers. The company reported net sales of $1.3 billion for year-end 2018,
Founded in 1938 and headquartered in East Greenville, Pennsylvania, Knoll Inc.'s (NYSE:KNL) portfolio includes furniture, textiles, leathers, lighting, accessories, and architectural and acoustical elements. The company's brands include: Knoll Office, KnollStudio, KnollTextiles, KnollExtra, Spinneybeck | FilzFelt, Edelman Leather, HOLLY HUNT, DatesWeiser and Muuto. 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 is the founding sponsor of the World Monuments Fund Modernism at Risk program.
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