Knoll acquires Holly Hunt
February 6, 2014-- Home Textiles Today,
East Greenville, Pa. - Office and residential design firm Knoll Inc. has acquired Holly Hunt, the Chicago-based luxury design brand that provides furnishings, lighting, textiles and leathers for architects and interior designers.
Founded in 1983, Holly Hunt generated $94.0 million in revenues last with with double digit operating margins, according to the announcement. Knoll paid $95.0 million in cash, with contingent future payments dependent on the performance of the business over the next three years. Knoll estimates the deal with result in future tax benefits of approximately $20.0 million.
Andrew Cogan, Knoll ceo, stated, "Like our co-founder Florence Knoll, Holly Hunt is one of the icons of our industry who consistently elevates the level of design in her chosen markets. She is an arbiter of refined taste, and we have been longtime fans of her work and curatorial eye."
Hunt who will remain ceo of her business will report to Cogan. She will also serve as an advisor to Knoll on the company's high design residential strategy. David Schutte, Knoll's senior vp and chief marketing officer, will join Holly Hunt as president so that Hunt can focus her time on design and creative strategy.
Hunt said, "Knoll has a long and deep history with a terrific reputation for modern design and superb quality. Knoll is an ideal partner to assure the continued growth of our brand. We share Knoll's commitment to design and luxury furnishings that enrich interior space."
The acquisition extends Knoll's reach into the global market for luxury home furnishings and coverings, which Cogan said the company expects to exceed the market for contract furnishings.
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