Jasper-based Kimball International Inc. (Nasdaq: KBAL) has completed its acquisition of New York-based Poppin Inc. The deal for the B2B commercial furniture design company is valued at $110 million in cash, plus an additional $70 million if certain revenue and profitability milestones are met by June 2024.
Kristie Juster, chief executive officer of Kimball International, calls the deal a “strategically compelling combination” that positions both companies for success.
“Together, we are a leading omnichannel commercial furnishings company, supported by a robust manufacturing and sourcing infrastructure,” said Juster. “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.”
When the acquisition was first announced in November, Kimball said Poppin will operate as a separate business unit within the company and will continue to be led by Poppin co-founder Randy Nicolau.