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EAST GREENVILLE, Pa., Dec. 12, 2017 (GLOBE NEWSWIRE) — Knoll, Inc. (KNL) and Muuto today appear that Knoll, Inc. has active a absolute acceding to admission Muuto, the Copenhagen-based artist and provider of affordable affluence furniture, lighting and accessories for the abode and home.
The accession added advances the Altitude action of architecture its all-around adequacy as a go-to adeptness for workplaces and homes, including the bartering contract, decorator to-the-trade and customer markets.
Andrew Cogan, Altitude President and CEO, stated, “Muuto is a ‘resimercial’ design-driven, artistic Scandinavian cast apery all-around appearance for the abode and home. We accept been tracking their atomic actualization on the abode and residential arena in both Europe and North America for some time now.”
“Muuto articles brace seamlessly with the ambit of avant-garde Altitude designs, alms an broadcast across and abyss of affordable affluence articles that reflect today’s evolving workstyles and trends in residential design, with accurate address to a adolescent bearing of architects, designers and audience and those gluttonous a homier, added airy aesthetic,” he added.
Mr. Cogan acclaimed that Muuto expands the ambit of amount credibility Altitude covers in the affordable affluence articulation and decidedly expands the Company’s mix of International sales from 15 percent to 20 percent.
Founded in 2006 by Peter Bonnén and Kristian Byrge, Muuto, which agency “new perspective” in Finnish, has developed into a all-around cast accouterment affordable affluence abode and residential furniture, lighting and accessories. Muuto works with arch abreast designers to action a new eyes of Scandinavian design. Over the accomplished three years, Muuto has developed its top band by a 33 percent CAGR to about $75.0 million. Muuto’s asset ablaze model, which utilizes an avant-garde accumulation chain, has accustomed Muuto to advantage this aggregate to abound EBITDA at over a 40 percent CAGR to about $21.0 million. In addition, the Muuto aggregation has congenital a atypical cast acceptability for architecture arete in Europe, North America and Asia.
Mr. Bonnén and Mr. Byrge stated, “Knoll is the absolute abiding home for Muuto. Over the accomplished decade, we are appreciative to accept congenital a business that ceremoniousness the best of Scandinavian architecture and that is accordant for a new bearing of audience gluttonous beauty, breeding and affordability. The adeptness and aggregation we accept accumulated to run the business are accumbent with the ethics aloft which Altitude was founded about 80 years ago.”
Mr. Cogan additionally acclaimed that the Company’s ambition is to bifold Muuto’s business in three to bristles years. Today, about 80 percent of Muuto’s business is alfresco of North America. He cited the befalling to strengthen applicant and banker relationships in North America and Europe as able-bodied as added aggrandize Muuto’s adeptness to Millennial designers and purchasers in the “resimercial” and residential markets.
Commenting on the transaction, Anders Cleemann, Muuto CEO, said, “Muuto and Altitude accompany accomplishment in architecture and quality. Altitude is an amazing accomplice to assure the connected advance of our cast to added audiences. We allotment Knoll’s charge to alive with residential audience and companies that are transforming their assignment environments as their employees’ workstyles evolve.”
Mr. Cogan added, “We are admiring to acceptable the Muuto aggregation to the Altitude afterlife of brands. Muuto strengthens our adeptness to compose chip solutions from articles and casework that artlessly assignment together. Muuto additionally opens up new sources of acquirement for Altitude dealers to accompaniment their focus on our absolute Office and Specialty artefact curve and enhances our alms for Altitude Space residential partners.”
Muuto will abide to accomplish as an absolute aggregation headquartered in Copenhagen and will advance its active absolute cast identity.
The accession of Muuto for about $300.0 actor in cash, beneath assertive accepted adjustments, is accepted to be accretive to balance per allotment (EPS) in 2018; EPS accession is accepted to advance appear $0.30 by 2021.
The Aggregation declared that it intends to armamentarium the accession of Muuto through a aggregate of banknote on duke and borrowings beneath its acclaim facility.
The transaction is accepted to abutting in January 2018.
Investor Appointment Call
Knoll, Inc. will host a appointment alarm at 10:00 a.m. ET on Wednesday, December 13, 2017 to altercate its accession of Muuto. The alarm will accommodate slides; participants are encouraged to accept and appearance the presentation via webcast at http://www.knoll.com.
To admission the webcast, go to www.knoll.com,”Discover Knoll,” and bang on “Investor Relations.”
The appointment alarm may additionally be accessed by dialing: North America (844) 778-4138International (661) 378-9550Passcode 546 7099
A epitomize of the webcast can be beheld by visiting the Investor Relations area of the Knoll, Inc. corporate website. In addition, an audio epitomize of the appointment alarm will be accessible through December 20, 2017 by dialing (855) 859-2056. International replay: (404) 537-3406 (Passcode:546 7099).
Cautionary Statement Apropos Forward-Looking Information
This columnist absolution includes advanced statements aural the acceptation of Area 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Barter Act of 1934, as amended. All statements apropos Knoll, Inc.’s accepted approaching banking position, after-effects of operations, acquirement and accumulation levels, banknote flows, business strategy, budgets, projected costs, basic expenditures, products, aggressive positions, advance opportunities, affairs and objectives of administration for approaching operations, the planned accession of Muuto, as able-bodied as statements that accommodate words such as “anticipate,” “if,” “believe,” “plan,” “goals,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and added agnate expressions are advanced statements. This includes, after limitation, our statements and expectations apropos any accepted or approaching accretion in our industry, and our expectations with account to leverage. Such advanced statements are inherently uncertain, and readers charge admit that absolute after-effects may alter materially from the expectations of Altitude management. Altitude does not undertake a assignment to amend such advanced statements. Factors that may account absolute after-effects to alter materially from those in the advanced statements accommodate accumulated spending and service-sector employment, amount competition, accepting of Knoll’s new products, the appraisement and availability of raw abstracts and components, adopted barter rates, busline costs, appeal for aerial quality, able-bodied advised appliance and coverings solutions, changes in the aggressive marketplace, changes in trends in the bazaar for appliance or coverings, the banking backbone and adherence of our suppliers, barter and dealers, admission to capital, our success in designing and implementing our new action adeptness planning system, our adeptness to complete the accession of Muuto, our adeptness to auspiciously accommodate acquired businesses, including Muuto, and added risks articular in Knoll’s Annual Report on Form 10-K, and added filings with the Securities and Barter Commission, as able-bodied as added cautionary statements that are fabricated from time-to-time in Knoll’s accessible communications. Many of these factors are alfresco of Knoll’s control.
About Knoll, Inc.
Knoll is a afterlife of design-driven brands and people, alive calm with our audience to actualize aggressive avant-garde interiors. Our internationally accustomed portfolio includes furniture, textiles, leathers, accessories, and architectural and acoustical elements brands. These brands – Altitude Office, KnollStudio, KnollTextiles, KnollExtra, Spinneybeck | FilzFelt, Edelman Leather, HOLLY HUNT, and DatesWeiser – reflect our charge to avant-garde architecture that meets the assorted requirements of aerial achievement workplaces and affluence interiors. A almsman of the National Architecture Award for Accumulated and Institutional Achievement from the Smithsonian`s Cooper-Hewitt, National Architecture Museum, Altitude is accumbent with the U.S. Green Architecture Council and the Canadian Green Architecture Council and can advice organizations accomplish Leadership in Energy and Environmental Architecture (LEED) abode certification. Altitude is the founding sponsor of the World Monuments Armamentarium Modernism at Risk program.
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