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Deal Detail

Kimball International, Inc. to HNI Corporation

Home & Office Furnishings/Mar 2023
EV / LTM EBITDA
10.1x
EV / LTM Sales
-
Enterprise Value
$500M
Primary Source
JPMorgan

Comparable Transactions

Home & Office Furnishings transactions announced in the five years to March 2023. 5 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Jun 2022Ergotron, Inc.The Sterling Group, L.P.$700M-8.4xFinancial
Apr 2021Knoll, Inc.Herman Miller, Inc.$1.8B-14.2xStrategic
Oct 2019HAY A/SHerman Miller, Inc.$232M-13.8xStrategic
Oct 2018iGuzzini Illuminazione S.p.AAB Fagerhult$429M-10.8xStrategic
May 2018EkornesQuMei Home Furnishings$695M-11.6xStrategic
Mean-11.8x
Median-11.6x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionLEG FOJPMorgan2026$500M-10.1x-Third-party FO citation. PRIMARY per O-7 (Nicolas, 2026-08-04). Kimball's own J.P. Morgan opinion carries no EV/EBITDA, so the election falls through to two competing third-party FO citations that the documented order does not rank against each other. Tie broken on citation data quality: J.P. Morgan dates the deal Mar 2023, matching the 7 Mar 2023 merger agreement, whereas BofA dates it 09/2023 — matching neither announcement nor closing. Competing citation: BofA 7.3x / TEV $531m, a 38% spread on the same transaction.Open
-fairness opinionSCS FOJPMorgan2025----Third-party FO citation from J.P. Morgan's precedent table in the Steelcase joint proxy (Nov 2025). Listed without a multiple — J.P. Morgan disclosed no per-row multiples in that opinion. Retained for provenance; carries no metric.Open
-fairness opinionSCS FOBofA2025$531M-7.3x-Third-party FO citation of the same deal from BofA's precedent table in the Steelcase 8-K (25 Nov 2025). 7.3x against J.P. Morgan's 10.1x — a 38% spread, most likely a synergised/unsynergised or LTM-period difference. Preserved, not reconciled. Note the announce date is printed as 09/2023, which matches neither the 7 Mar 2023 agreement nor the Jun 2023 close.Open
-fairness opinionKBAL FOJPMorgan2023----Opinion Recipient: Target Board. NO precedent transactions analysis was performed, so there is no applied acquisition multiple range. J.P. Morgan's Kimball work was comps (5.5x-8.0x FV/2023E Adj. EBITDA, implied $6.70-$10.40/sh) and DCF ($9.30-$12.20/sh). Because this opinion carries no EV/EBITDA, the deal's primary observation falls through to a third-party FO citation (see O-7). Business Model: Manufacturer.Open