M&A · Industrials · Household Furniture
HNI Corp to acquire Kimball International Inc
Announced Mar 8, 2023 · Closed Jun 1, 2023
Deal value$485MEV $485M
Premium—To unaffected price
EV / Adj. EBITDA7.8x0.7x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- HNI Corp (HNI)
- Target
- Kimball International Inc (KBAL)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $485M
- Status
- Closed Jun 1, 2023
Deal protections
- Break fee (target pays)
- $15.8M · 3.3%
- Reverse fee (buyer pays)
- $24.3M · 5.0%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Rothschild & Co
- To the target
- JPMorgan
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- Sector median 47.4%
- EV / Adj. EBITDA
- 7.8x vs. 12.5x sector median
- Break fee
- 3.3% vs. 2.8% sector median
Timeline
- AnnouncedMar 8, 2023
- Proxy filedApr 28, 2023
- Definitive proxyApr 28, 2023
- Shareholder voteMay 31, 2023
- ClosedJun 1, 2023