HOLLAND, MI - Contract furniture giant Haworth Inc. will purchase a majority stake in Italian furniture firm Poltrona Frau, famed for its seating and fine furnishings. The announcement was made February 5.
The Holland, MI-based Haworth agreed to purchase 58.6% of Poltrona Frau at 2.96 euros (approximately $4) per share from the furniture firm's largest investors, Charme Investments, which owns 51.3% and Moschini Srl, which holds 7.3%. The transaction is expected to be completed by the end of April.
Matthew Haworth, chairman of Haworth said in a statement, “Our family is very excited about this opportunity. This transaction is not only inspired by the strong performance of the Poltrona Frau Group and what we believe to be highly complementary strategies, but even more importantly, by the great alignment of the values shared by both our families."
“I would like to express our satisfaction with this transaction," added Franco Bianchi, CEO of Haworth. The transaction is made possible thanks to the strong relationship we have developed with Poltrona Frau Group’s shareholders, their excellent job in the last 10 years, the important results that the management has been able to achieve and the quality of the people we’ve been given the chance to know. We are highly motivated to continue to develop the extraordinary course that Charme started back in 2003, maintaining and enhancing the Italian tradition of design and innovation that has been characterizing this group for over 100 years.”
Haworth has partnered with the Poltrona Frau Group since 2011. The group's brands include: Poltrona Frau, Cappellini and Cassina.
Franco Moschini, president of Poltrona Frau and controlling shareholder of Moschini said in a statement, "This is for me the realization of a big dream, the creation of the most important global operator in the industry of luxury furnishing that will bring great benefits to the international development of the group and the consequent growth of our factories and manufacturing sites.”
"After an investment cycle that lasted more than 10 years, this transaction represents the best conclusion of Charme’s adventure in Poltrona Frau Group and is above all an extraordinary opportunity for the strengthening of the group," added Matteo Cordero di Montezemolo, managing director of Charme and vice president of Poltrona Frau.
Dario Rinero, Poltrona Frau managing director, also noted the strong integration that will come from the companies portfolios in home furnishings, luxury interiors and contract furniture.
Founded in 1948, Haworth is privately held. In 2013, the company recorded $1.4 billion in revenues and has approximately 6,000 employees and more than 600 dealers worldwide, according to a statement by the company. Its workspace products include: movable walls, systems, chairs and floating floors.
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