Kimball International, Inc. has entered into a definitive agreement to acquire Poppin, Inc., a tech-enabled, market-leading B2B commercial furniture design company. The purchase price is $110 million in initial cash consideration plus additional contingent payments based on revenue and profitability milestones achieved through June 30, 2024, with potential total cash consideration equal to $180 million if all milestones are achieved.
Headquartered in New York City, Poppin designs fresh and clever commercial-grade furniture that is made to mix, match and scale in today’s modern office and work-from-home environments. Poppin has combined its digitally native platform, with a 17-person salesforce and network of five showrooms to rapidly become one of the industry’s leading disruptors primarily serving small to medium corporations and the direct to consumer market.
Poppin will operate as a separate business unit within Kimball International and will continue to be led by Mr. Nicolau and its leadership team.
The acquisition is scheduled to close during the quarter ending December 31, 2020, subject to customary closing conditions.
