HBF is Acquired
The $75 million deal is expected to close in two to four weeks.
Mairi Beautyman -- Interior Design, 3/18/2008
Office furniture manufacturer HNI Corporation has entered into an agreement to purchase HBF, a subsidiary of furniture designer, manufacturer, and retailer Furniture Brands International for $75 million. The deal is expected to close in two to four weeks.Headquartered in Hickory, North Carolina, HBF produces upholstered seating, textiles, wood tables, and wood case goods for the office environment. The firm's annual sales top $60 million. HBF president Charlie Bell and current management will remain in place and the company will maintain its brand, operating as a stand-alone entity.
Billed as the second largest office furniture manufacturer in the world, HNI Corporation plans to fund the transaction with existing credit.
"We're excited about HBF joining the HNI family. Its unique premium brand, design heritage, strong designer relationships, and differentiated business model make it a great fit with our existing structure and brand portfolio," says Stan Askren, chairman, president and CEO of HNI Corporation.
HNI Corporation's brands include HON, Allsteel, Gunlocke, Paoli, Maxon, Lamex, Heatilator, Heat & Glo, Quadra-Fire, and Harman Stove.
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