Wednesday, 04 November, 2020
JASPER, Ind., Nov. 04, 2020 (GLOBE NEWSWIRE) — Kimball International, Inc. (NASDAQ: KBAL) announced today that it has entered into a definitive agreement to acquire Poppin, Inc., a tech-enabled, market-leading B2B commercial furniture design company. The purchase price is $110 million in initial cash consideration plus additional contingent payments based on revenue and profitability milestones achieved through June 30, 2024, with potential total cash consideration equal to $180 million if all milestones are achieved.
Headquartered in New York City, Poppin designs fresh and clever commercial-grade furniture that is made to mix, match and scale in today’s modern office and work-from-home environments. Poppin has combined its digitally native platform, with a 17-person salesforce and network of five showrooms to rapidly become one of the industry’s leading disruptors primarily serving small to medium corporations and the direct to consumer market.