Kimball International, Inc today announced the closing of its previously reported acquisition of Poppin, Inc., a tech-enabled, market-leading B2B commercial furniture design company.

The purchase price was $110 million in initial cash consideration plus additional contingent payments based on revenue and profitability milestones achieved through June 30, 2024, with potential total cash consideration equal to $180 million if all milestones are achieved.

Kristie Juster, CEO of Kimball International commented, “We are very pleased that Poppin is now part of Kimball International. This was a strategically compelling combination for both companies that has positioned us to gain share and successfully navigate a dynamic marketplace. Together, we are a leading omnichannel commercial furnishings company, supported by a robust manufacturing and sourcing infrastructure. We believe the opportunities we have identified for near term revenue synergies, as well as medium-term revenue and operating synergies, will result in long-term sustaining value creation for our shareholders, employees, customers and communities.”

Following the completion of the transaction, Kimball International’s pro forma Net Debt to adjusted EBITDA ratio was approximately 0.5x.