Office furniture company Herman Miller has agreed to buy Design Within Reach for $154 million. The deal, to close July 28, will give Herman Miller an 84 percent stake in the furniture chain.
Design Within Reach has 38 brick-and-mortar locations and e-commerce operations. It is also the largest seller of Herman Miller products.
"The addition of DWR is a transformational step forward in realizing our strategy for diversified growth and establishing Herman Miller as a premier lifestyle brand, helping people create inspiring places where they work, live, heal and learn. This combination expands our reach in the higher margin consumer sector and we have identified multiple points of strategic leverage that will benefit our other segments and operations, as well as DWR's own growth plans," said Brian Walker, CEO, Herman Miller.
Design Within Reach's CEO John Edelman and President John McPhee will continue to lead the business and report to Walker.
In a shared statement Edelman and McPhee noted, "We are thrilled to be joining the Herman Miller family. We've worked closely with the company and its leadership for many years and have great respect for their approach to business and people. We also share a passion for great design and making a difference in the world. This combination will enable us to accelerate our mission to make great, authentic modern design accessible."
Design Within Reach recorded about $218 million in revenue in 2013. The company has been at the forefront of digital showrooms in the home furnishings and design space. This spring, the company showcased several social media campaigns on Instagram and Pinterest.
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