Knoll knocks on Edelman’s door
14/09/2007
Office furniture maker Knoll has reached an agreement to buy high-end leather supplier to the residential, hospitality, aviation and contract office furniture markets Teddy and Arthur Edelman Limited.
In a statement, Knoll confirmed it would pay $67 million in cash for Edelman, with the possibility of further payments, depending on performance. It also agreed to take on Edelman’s company debt, up to an amount of $3.7 million.
Edelman will continue to function as an independent company, maintaining its headquarters and distribution centre in New Milford, Connecticut. John Edelman, son of the company’s founders, will continue in his present role of company present, and his chief operating officer, John McPhee, will also stay on.
Mr Edelman welcomed the deal, saying: “It is a joy to see Edelman become part of the Knoll family. On behalf of my parents, Teddy and Arthur, who founded the company over 25 years ago, we look forward to working with Knoll to continue to expand our brand and presence globally.”
Knoll’s chief executive, Andrew Cogan, said: “The acquisition of Edelman is consistent with our strategy of building sales in our high-design, high-margin specialty businesses, which appeal to both business buyers and consumers worldwide. Edelman’s reputation in the design community for unique leathers and its showroom network, as well as its history, is highly complementary in terms of culture, customers, markets and products.”
