Deal Detail

Poltrona Frau S.p.A to Haworth Inc.

EV / LTM EBITDA

15.1x

EV / LTM Sales

Enterprise Value

$654M

Primary Source

BofA

Comparable Transactions

Home & Office Furnishings transactions announced in the five years to February 2014. 2 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Aug 2012	AOT Bedding Super Holdings, LLC (Serta/Simmons)	Advent International Corporation	$3.0B	-	11.4x	Financial
Sep 2009	Simmons Bedding Company	Ares Management LLC / Ontario Teachers Pension Fund	$760M	-	6.4x	Financial

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	SCS FO	BofA	2025	$654M	-	15.1x	-	Resolved deal. Cited in the Steelcase/HNI fairness opinion, BofA supplemental (8-K, 25 Nov 2025). 58.6% stake acquired, per Goldman's footnote in the Knoll filing.	Open
-	fairness opinion	SCS FO	JPMorgan	2025	-	-	-	-	Resolved deal. Cited in the Steelcase/HNI fairness opinion, J.P. Morgan (acquirer board) table; no per-row multiple disclosed.	Open
-	fairness opinion	KNL FO	Goldman Sachs	2021	-	-	15.3x	-	Resolved deal. Cited in the Knoll/Herman Miller fairness opinion, Goldman Sachs table. RESTATED by the 1 Jul 2021 8-K from an original 13.1x, which had inadvertently excluded cash and debt; the correction also moved Goldman's observed-set median from 13.5x to 14.1x.	Open
-	fairness opinion	KNL FO	BofA	2021	$654M	-	15.1x	-	Resolved deal. Cited in the Knoll/Herman Miller fairness opinion, BofA table, transaction value from the 1 Jul 2021 8-K.	Open