Kimball International Announces Closing of Poppin Acquisition
Kimball International, Inc. (NASDAQ: KBAL) on Dec. 9 announced the closing of its previously reported acquisition of Poppin, Inc., a tech-enabled, market-leading B2B commercial furniture design company.
Kristie Juster, CEO of Kimball International commented, “We are very pleased that Poppin is now part of Kimball International. This was a strategically compelling combination for both companies that has positioned us to gain share and successfully navigate a dynamic marketplace. Together, we are a leading omnichannel commercial furnishings company, supported by a robust manufacturing and sourcing infrastructure. 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.”
Following the completion of the transaction, Kimball International’s pro forma Net Debt to adjusted EBITDA ratio was approximately 0.5x. The Company’s strong balance sheet and modest leverage enables Kimball International to maintain its capital allocation priorities, which include organic investments, acquisitions, return of capital to shareholders in the form of dividends and opportunistic share buybacks.
About Kimball International, Inc.
For 70 years, Kimball International has created design driven furnishings that have helped our customers shape spaces into places, bringing possibility to life by enabling collaboration, discovery, wellness and relaxation. We go to market through our family of brands: Kimball, National, Interwoven, Etc., Kimball Hospitality, and D’style by Kimball Hospitality. Our values and high integrity are demonstrated daily by living our Purpose and Guiding Principles that establish us as an employer of choice. We build success by growing long-term relationships with customers, employees, suppliers, shareholders and the communities in which we operate. In fiscal year 2020, the company generated $728 million in revenue and employed over 2,800 people. To learn more about Kimball International, Inc. (NASDAQ: KBAL), visit www.kimballinternational.com.