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Herman Miller Buys Design Within Reach for a Cool $154 Million
Herman Miller and Design Within Reach (DWR) are some of the biggest names in the modern furniture world – and they are about to join forces to create one glorious design behemoth. Herman Miller recently announced plans to purchase DWR for a cool $154 million in cash, which will nab Herman Miller an 84% controlling interest in the furnishing company.
Connecticut-based DWR has 40 locations in the US, Mexico and Canada, in addition to a thriving retail website. Founded in 1998, last year the company had about $218 in revenue. Herman Miller, meanwhile, brought in $1.8 billion of its own.
DWR’s CEO and President – John Edelman and John McPhee – will stay and continue running the company as a unit of Herman Miller. “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,” said Brian Walker, Herman Miller’s CEO in a company press release.
Via Media Bistro
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