Kimball, a subsidiary of Kimball International, Inc. (NASDAQ: KBAL) announced today that it has signed a definitive agreement to acquire substantially all the assets of David Edward headquartered in Baltimore, Maryland. The closing is expected to be completed within the next 30 days, subject to customary closing conditions.
David Edward is a premier designer and manufacturer of contract furniture, sold in the healthcare, corporate, education and premium hospitality markets. David Edward sells primarily in the North American and Middle Eastern markets.
Inspired by David Edward employees’ commitment
“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.
Reach higher levels of competitiveness and growth
“Greg, Kevin and I, are confident we’ve found a buyer that we are strategically aligned with and who is committed to investing in this business for future growth,” stated David Pitts, President of David Edward. “Our family has enjoyed fifty-five great years of building the David Edward brand, and we are excited for our employees and our customers as we enter this next chapter. This partnership will allow investments necessary for David Edward to reach higher levels of competitiveness and growth.”
“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. 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,” added Bob Schneider, Chairman of the Board and CEO, Kimball International.