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Deal Detail
Steelcase Inc. to HNI Corporation
EV / LTM EBITDA
9.7x
EV / LTM Sales
-
Enterprise Value
$2.4B
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 | $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 |