ZEELAND, Mich., Oct. 29, 2019 /PRNewswire/ -- Herman Miller, Inc. (NASDAQ: MLHR), the global
designer and furniture manufacturer, announced today it has
acquired the remaining shares of contemporary British furniture
designer naughtone for approximately $46.1
million. Solidifying its ownership of naughtone directly
aligns with Herman Miller's
strategic priority to accelerate profitable growth.
Herman Miller partnered with
naughtone in 2016 by acquiring a 50 percent stake in the company to
help enhance its global offering in ancillary and collaborative
furnishings, an area in which Herman
Miller saw significant growth potential. As a result of this
partnership, naughtone has generated average annual sales growth of
35 percent over the past three years. This partnership has helped
Herman Miller expand its product
design and development capabilities, fueling 11 new product
launches and leading to numerous design and innovation awards.
"naughtone has been a vital strategic partner in growing Herman
Miller Group's ancillary product offering," said Andi Owen, Herman Miller
President and CEO. "I'm so proud of our shared values, as
well the modern aesthetic and contemporary British design they
bring to our family of brands."
Based in Harrogate,
North Yorkshire, naughtone was
founded in 2005 and has grown rapidly in the collaborative
furniture market under the leadership of Matt Welsh, Kieron
Bakewell and Mark Hammond.
Known for contemporary design and high-quality manufacturing,
particularly in upholstery, naughtone's innovative products such as
the Always chair range, the Polly chair, and the Viv chair are used
by clients around the world, including some of the biggest brands
in commerce and culture.
"Our partnership with Herman
Miller has helped us significantly grow our global market
presence, especially in North
America," said naughtone Vice President of Sales
Matt Welsh. "This expanded
relationship sets us up for continued success, and we look forward
to working together in this new capacity to achieve great
results."
naughtone was recently recognized as one of the
Telegraph's Fastest Growing British Exports, and its products
have been nominated for and received numerous design awards over
the past several years, including the Queen's Award for
Enterprise.
"Herman Miller has a remarkable
legacy of design and innovation," said Vice President of Creative
Kieron Bakewell. "Being part of
Herman Miller Group is a huge honor for naughtone and gives us even
greater ambition and confidence in our own product plans."
Herman Miller expects to
consolidate naughtone's operating results following the closing
date of this transaction. Net sales for naughtone's most recent
fiscal year that ended in May 2019
totaled approximately $37 million.
Excluding potential one-time purchase accounting adjustments, this
transaction is expected to have an incremental $0.01 to $0.03
accretive impact on earnings per share in the remaining seven
months of fiscal 2020.
Additional information concerning the transaction is included in
an investor presentation available on Herman Miller's website. View presentation.
About Herman
Miller
Herman Miller
is a globally recognized provider of furnishings and related
technologies and services. Since its inception in 1905, the company
has relied on innovative design to help people do great things. The
global design leader has evolved into Herman Miller Group, a family
of brands that collectively offers a variety of products for
environments where people live, learn, work, and heal. The family
of brands includes Colebrook Bosson Saunders, Design Within Reach,
Geiger, HAY, Maars Living Walls, Maharam, naughtone, Nemschoff, and
Herman Miller. For more information,
visit www.hermanmiller.com/about-us
About naughtone
Based in Harrogate, North
Yorkshire, naughtone was founded in 2005 with the mission of
creating beautiful, useful furniture and has grown rapidly in the
collaborative furniture market under the leadership of Matt Welsh, Kieron
Bakewell and Mark Hammond.
Known for contemporary British design and high-quality
manufacturing, particularly in upholstery, naughtone's innovative
products such as the Always chair and lounge, the Polly chair, and
the Viv chair are used by clients around the world, including some
of the biggest brands in commerce and culture. Learn more at
www.naughtone.com
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SOURCE Herman Miller, Inc.