EAST GREENVILLE, PA – Knoll Inc. announced that it has entered an asset purchase agreement in which it will acquire Teddy and Arthur Edelman Ltd., purveyors of fine leather. Knoll will acquire Edelman for approximately $67 million in cash, plus the assumption of debt not to exceed $3.7 million and certain contingent payouts based on the future success of the business. Edelman will continue to operate as an independent company and will maintain its own headquarters and distribution center in New Milford, CT. John Edelman will continue to serve as president, and John McPhee will continue to serve as COO. Read more.
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