Kimball International, Inc. announced the closing of acquisition of Poppin, Inc., a tech-enabled, market-leading B2B commercial furniture design company.
Following the completion of the transaction, Kimball International’s pro forma Net Debt to adjusted EBITDA ratio was approximately 0.5x. The company’s strong balance sheet and modest leverage enables Kimball International to maintain its capital allocation priorities, which include organic investments, acquisitions, return of capital to shareholders in the form of dividends and opportunistic share buybacks.
Kristie Juster, CEO of Kimball International commented, “We are very pleased that Poppin is now part of Kimball International. This was a strategically compelling combination for both companies that has positioned us to gain share and successfully navigate a dynamic marketplace. Together, we are a leading omnichannel commercial furnishings company, supported by a robust manufacturing and sourcing infrastructure. We believe the opportunities we have identified for near term revenue synergies as well as medium-term revenue and operating synergies will result in long-term sustaining value creation for our shareholders, employees, customers and communities.”
Kimball International consists of three furniture brands: Kimball, National, and Kimball Hospitality.
