Originally published in Interiors & Sources

07/29/2014

Herman Miller Announces Agreement to Acquire Design Within Reach

Move diversifies growth strategy, lifestyle brand ambitions for company

 
Herman Miller Announces Agreement to Acquire Design Within Reach

Herman Miller, Inc. (the “Company’)  announced that it has entered into an agreement to acquire Design Within Reach, Inc. (“DWR”) (OTC: DWRI), a Stamford, Connecticut-based marketer and seller of modern furniture, lighting, and accessories. DWR had revenues of approximately $218 million in 2013.

The transaction is subject to regulatory approval or expiration of applicable waiting periods. The Company will acquire an ownership interest in DWR equal to approximately 84 percent for an estimated $154 million in cash, subject to adjustment for net debt, changes in working capital, and other post-closing items. As a result of the transaction, the Company estimates it will receive future tax benefits with a present value of approximately $10 million.

DWR’s Chief Executive Officer (John Edelman) and President (John McPhee) will together continue to lead the business within Herman Miller and report to Brian Walker, CEO, Herman Miller. Following this transaction, these executives will convert their remaining ownership interest in DWR for an approximate 8.5 percent ownership stake within a newly formed Herman Miller consumer business unit.

DWR was founded in 1998 with a mission to make the best in modern design readily available to the public. Today, the company is North America’s largest premium retailer of authored modern design, operating 38 retail studio locations in the U.S. and Canada, an established e-commerce presence, and a popular print catalog. Today DWR is the largest and fastest growing retailer of Herman Miller’s furniture designs.

“The addition of DWR is a transformational step forward in realizing our strategy for diversified growth and establishing Herman Miller as a premier lifestyle brand, helping people create inspiring places where they work, live, heal, and learn,” said Brian Walker, Herman Miller’s chief executive officer. “This combination expands our reach in the higher margin consumer sector and we have identified multiple points of strategic leverage that will benefit our other segments and operations, as well as DWR’s own growth plans.”

 


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Visit our website today to learn about the design flexibility of a Morton building and the endless possibilities of partnering with our designBUILD team.


Wood construction is both cost and energy efficient. Check out Morton Buildings and our designBUILD team online today to discover all the benefits of post-frame construction.


When choosing a metal-clad building for your next construction project, consider Morton Buildings, Inc., and their designBUILD team, we’ll make your dream a reality.

We Can Help You Reduce Energy by 30%

Our mission is to help our customers manage their buildings' energy costs, improve reliability, and enhance performance while having a positive impact on the environment.
CLICK HERE to find out how.

 

Add highly responsive multi-zone comfort to any building project, in any climate. Our CITY MULTI H2i R2- and Y-Series VRF systems give you flexibility to fit the needs of any building. Enjoy 100% heating capacity at 0°F outdoor ambient, and 85% heating capacity at -13°F outdoor ambient.  For more information, log on to www.mitsubishipro.com


Tennant Company is a recognized leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. With thousands of satisfied customers already using award winning ec-H2O technology, why not see what you're missing? Test ec-H2O on your soils in your facility. Get a free demo.


Tennant Company is a recognized leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. With thousands of satisfied customers already using award winning ec-H2O technology, why not see what you're missing? Test ec-H2O on your soils in your facility. Get a free demo.

 

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