Back to database
Deal Detail
Kimball International, Inc. to HNI Corporation
EV / LTM EBITDA
10.1x
EV / LTM Sales
-
Enterprise Value
$500M
Primary Source
JPMorgan
All Observations
Source-specific multiples and notes for this transaction.
| Primary? | Source Type | Fairness Opinion / Source | Advisor | Source Year | Enterprise Value | EV/Sales | EV/EBITDA | EV/Fwd EBITDA | Note | Citation |
|---|---|---|---|---|---|---|---|---|---|---|
| Primary | fairness opinion | LEG FO | JPMorgan | 2026 | $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 opinion | SCS FO | JPMorgan | 2025 | - | - | - | - | 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 opinion | SCS FO | BofA | 2025 | $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 opinion | KBAL FO | JPMorgan | 2023 | - | - | - | - | 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 |