Deal Detail

Steelcase Inc. to HNI Corporation

Home & Office Furnishings/Aug 2025

EV / LTM EBITDA

9.7x

EV / LTM Sales

Enterprise Value

$2.4B

Primary Source

JPMorgan

Comparable Transactions

Home & Office Furnishings transactions announced in the five years to August 2025. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2023	Kimball International, Inc.	HNI Corporation	$500M	-	10.1x	Strategic
Jun 2022	Ergotron, Inc.	The Sterling Group, L.P.	$700M	-	8.4x	Financial
Apr 2021	Knoll, Inc.	Herman Miller, Inc.	$1.8B	-	14.2x	Strategic
	Mean			-	10.9x
	Median			-	10.1x

All Observations

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	LEG FO	JPMorgan	2026	$2.4B	-	9.7x	-	Third-party FO citation of this deal, from J.P. Morgan's precedent table in the Leggett & Platt DEFM14A (Jul 2026). PRIMARY: the target's own opinions (BofA, Goldman, and J.P. Morgan buy-side) disclose no EV/EBITDA for the subject deal, so under the standing rule the election skips them and falls to the only citation carrying a multiple.	Open
-	fairness opinion	SCS FO	JPMorgan	2025	-	-	-	-	Opinion Recipient: ACQUIRER BOARD (HNI). Buy-side opinion — its own observation type, not a variant of the sell-side work. Advisor range is J.P. Morgan's applied FV/LTM Adj. EBITDA reference range for Steelcase (implied $19.15-$29.15/sh). Sits far above BofA's 7.25x-12.75x on an overlapping transaction set; preserved as disagreement. J.P. Morgan reports the consideration as $18.48 as of 31 Jul 2025, against BofA/Goldman's $18.30 as of 1 Aug 2025.	Open
-	fairness opinion	SCS FO	Goldman Sachs	2025	-	-	-	-	Opinion Recipient: Target Board. Goldman ran NO selected-companies and NO precedent-transactions analysis on Steelcase, so there is no applied acquisition multiple range to record. Its Steelcase work was DCF ($15-$20/sh), present value of future share price ($13-$19/sh) and premia paid ($12-$14/sh). Business Model: Manufacturer.	Open
-	fairness opinion	SCS FO	BofA	2025	-	-	-	-	Opinion Recipient: Target Board. Advisor range is BofA's applied TEV/LTM EBITDA reference range on LTM Adj. EBITDA to 30 May 2025 (implied $14.00-$25.00/sh vs $18.30 consideration). Business Model: Manufacturer. The FO discloses no EV/EBITDA for the subject deal itself. BANA participated in HNI's financing with Steelcase's consent.	Open