Kimball makes $4.85M acquisitionOctober 19, 2018
From Local Sources
JASPER — Kimball, a unit of Kimball International Inc., has signed a definitive agreement to acquire David Edward, a premier designer and contract furniture manufacturer headquartered in Baltimore, Maryland., for $4.85 million.
The closing is expected to be completed within the next 30 days.
David Edward’s furniture is sold in the health care, corporate, education and premium hospitality markets. David Edward sells primarily in the North American and Middle Eastern markets.
The David Edward name is synonymous with the highest quality upholstery products in the furniture industry.
Their products are generally specified by architects and designers, represented through a network of independent representatives, and sold through authorized furniture dealerships. The David Edward product portfolio consists of classic and contemporary designs, focused primarily in the seating, tables and ancillary furniture categories.
In conjunction with the asset acquisition, Kimball will lease the two existing David Edward production facilities in Baltimore and Red Lion, Pennsylvania, totaling 235,000 square feet. The company employs approximately 170 highly skilled craftspeople, who are dedicated to preserving a rich heritage built on delivering premium customized solutions for nearly 55 years.
“We were inspired by David Edward employees’ commitment to quality and their incredible tailoring skills, which integrates the most technical and architectural aspects of furniture design,” said Mike Wagner, president of Kimball. “We will further invest in David Edward and build their brand by broadening their ancillary furniture portfolio with the goal of making David Edward the premier source of upholstery products for architects and designers. The synergy for Kimball lies in our ability to leverage David Edward’s excess production capacity to expand not just Kimball Health seating, but also our broader seating portfolio while tapping into their expertise to help us raise our level of design detail.”
David Edward will continue to operate independently, selling through their existing network of independent reps and authorized dealers.
“David Edward and Kimball International share a culture of caring for employees, customers, and communities, which provides a solid foundation for building long term success together,” said Bob Schneider, chairman of the board and CEO of Kimball International. “We look forward to welcoming all David Edward employees to the Kimball International family where, as stated in our Guiding Principles, Our People are the Company.”
David Edward had annual revenues of approximately $15 million in their latest fiscal year that ended in September 2018.
To learn more about Kimball, visit www.kimball.com.
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