Richard Schultz Design today announced it has been acquired by Knoll in a deal expected to close on or about March 1.

"My parents and I see this as a fitting and natural step in the growth and evolution of our company, first from a small startup in the bedroom of my childhood home in Pennsylvania, then to an independent vibrant brand, and now to an integrated brand with Knoll, where it all began," said Peter Schultz, President, Richard Shultz Design.

The company, which maintains a flagship showroom in New York's D&D Building, sells the iconic 1966 Schultz Leisure Line and 1960 Petal Table Collection, originally designed for Knoll, as well as contemporary outdoor furniture designs. Its designs are included in the collections of the Museum of Modern Art, the Victoria and Albert Museum and the Philadelphia Museum of Art.

"The acquisition of Richard Schultz reflects our ongoing interest in remixing our business with high design, high margin specialty offerings which appeal to both commercial buyers and consumers worldwide," said Andrew B. Cogan, Knoll's CEO. "Richard Schultz began his career as a designer with Knoll and co-founded his company with his son Peter in 1992. Together, they have built an international reputation for exploring new materials and forms for outdoor furniture. We look forward to the continuous success of the Richard Schultz brand," he added.

Shultz's mother was hired by Florence (Shu) Knoll in 1950 to work with her on interior design projects. His father was hired by Hans and Shu in 1951 after he graduated from design school, and proceeded to design the iconic 1966 Collection and Petal Table Collections, among others.

In 1992, Richard Shultz Design was created with the goal of continuing to explore new product ideas specific to outdoor furniture. With Knoll’s permission and assistance, they we were able to re-introduce the 1966 Collection and Petal tables.

Schultz will remain as a consultant to Knoll, and most of the current staff will remain in place.