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Deal Detail
Knoll, Inc. to Herman Miller, Inc.
EV / LTM EBITDA
14.2x
EV / LTM Sales
-
Enterprise Value
$1.8B
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 | $1.8B | - | 14.2x | - | Third-party FO citation from J.P. Morgan's precedent table in the Leggett & Platt DEFM14A (Jul 2026). PRIMARY: Knoll's own opinions (BofA sell-side, Goldman buy-side) disclose no EV/EBITDA for the subject deal, so the election falls through to third-party citations. BofA's citation in the Steelcase 8-K is identical (14.2x / $1,800m), so this is a true tie on values — J.P. Morgan selected for consistency with the Kimball tie-break. HIGHEST-CONFIDENCE ROW IN THE BATCH: 14.2x and $1.8bn agree across BofA 2021, BofA 2025 and J.P. Morgan 2026. | 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). No per-row multiples disclosed in that opinion. Retained for provenance; carries no metric. | Open |
| - | fairness opinion | SCS FO | BofA | 2025 | $1.8B | - | 14.2x | - | Third-party FO citation from BofA's precedent table in the Steelcase 8-K (25 Nov 2025). Identical to the J.P. Morgan citation at 14.2x / $1,800m — a three-way match across independent advisors and four years. | Open |
| - | fairness opinion | KNL FO | Goldman Sachs | 2021 | - | - | - | - | Opinion Recipient: ACQUIRER BOARD (Herman Miller). Buy-side opinion. Advisor range is Goldman's applied EV/LTM EBITDA reference range (implied $17-$24/sh). Set median restated from 13.5x to 14.1x by the 1 Jul 2021 8-K after the Poltrona Frau multiple was corrected from 13.1x to 15.3x. | Open |
| - | fairness opinion | KNL FO | BofA | 2021 | - | - | - | - | Opinion Recipient: Target Board. Advisor range is BofA's applied TV/LTM EBITDA reference range on LTM Adj. EBITDA to 31 Mar 2021 of ~$97m (implied $11.75-$19.00/sh). Implied consideration $25.18 on the $44.30 Herman Miller close of 16 Apr 2021; the proxy's board-considerations section separately says ~$25.06 / ~45% against the same close. Business Model: Manufacturer. | Open |