Steelcase Inc. to HNI Corporation

Home & Office Furnishings/Aug 2025/BofA, Goldman Sachs, JPMorgan

Deal Information

Target

Steelcase Inc.

Acquiror

HNI Corporation

Sector

Home & Office Furnishings

Target Type

Public

Acquiror Type

Strategic

Advisors

BofA, Goldman Sachs, JPMorgan

Enterprise Value

$2.4B

EV / LTM Sales

EV / LTM EBITDA

9.7x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

TEV / LTM EBITDA selected range: 7.3x - 12.8x

8 comps


Sep 2023	Kimball International, Inc.	HNI Corporation	$531M	-	7.3x	-
Apr 2021	Knoll, Inc.	Herman Miller, Inc.	$1.8B	-	14.2x	-
Oct 2019	HAY A/S	Herman Miller, Inc.	$232M	-	13.8x	-
Oct 2018	iGuzzini Illuminazione S.p.A	AB Fagerhult	$429M	-	10.8x	-
May 2018	Ekornes	Qumei Home Furnishings Group	$695M	-	11.6x	-
Dec 2017	Muuto	Knoll, Inc.	$304M	-	14.5x	-
May 2016	Generation Brands Holdings, Inc.	AEA Investors LP	$525M	-	10.5x	-
Feb 2014	Poltrona Frau S.p.A	Haworth Inc.	$654M	-	15.1x	-
	Mean			-	12.2x	-
	Median			-	12.7x	-

FV / LTM Adj. EBITDA selected range: 10.0x - 15.0x

6 comps

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 9.5% – 11.0%
Terminal method: Exit multiple
Terminal assumption: 5.0x – 7.0x (terminal year exit EV/Adjusted EBITDA on a mid-cycle estimate)
Forecast basis: Steelcase Forecasts
Forecast period: fiscal years 2026 through 2030

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
BofA	9.75% – 11.75%	Perpetuity growth	1.0% – 2.5%	Steelcase Forecasts	1 June 2025 through 28 February 2030	Open
Goldman Sachs	9.5% – 11.0%	Exit multiple	5.0x – 7.0x (terminal year exit EV/Adjusted EBITDA on a mid-cycle estimate)	Steelcase Forecasts	fiscal years 2026 through 2030	Open
JPMorgan	8.0% – 9.0%	Perpetuity growth	1.0% – 2.0%	HNI management projections	-	Open