Knoll has announced that it will acquire Muuto, the Danish furniture, lighting and accessories design house, for some $300 million. The brand, which was founded in 2006, specializes in what it calls “affordable luxury” and its name translates as “new perspective” in Finnish.
Andrew Cogan, Knoll President and CEO, said, "Muuto is a ‘resimercial’ design-driven, creative Scandinavian brand representing global style for the workplace and home. We have been tracking their explosive emergence on the workplace and residential scene in both Europe and North America for some time now.”
“Muuto products pair seamlessly with the range of modern Knoll designs," explained Cogan, "offering an expanded breadth and depth of affordable luxury products that reflect today’s evolving work styles and trends in residential design, with particular appeal to a younger generation of architects, designers and clients and those seeking a homier, more relaxed aesthetic."
Muuto has grown its top line by a 33 percent CAGR (compound annual growth rate; a measure of company growth) to about $75 million. Cogan has stated that he hopes to double the Scandinavian brand's business in three to five years. Currently, about 80 percent of its business is outside of North America.
Founders Peter Bonnén and Kristian Byrge said in a statement, “Knoll is the perfect permanent home for Muuto. Over the past decade, we are proud to have built a business that honors the best of Scandinavian design and that is relevant for a new generation of clients seeking beauty, elegance and affordability. The culture and team we have assembled to run the business are aligned with the values upon which Knoll was founded almost 80 years ago.”
The transaction is expected to close next month. Muuto will remain operating as an independent company headquartered in Copenhagen.
Anders Cleemann, Muuto CEO, said, "Muuto and Knoll pursue perfection in design and quality. Knoll is an extraordinary partner to assure the continued growth of our brand to wider audiences. We share Knoll's commitment to working with residential clients and companies that are transforming their work environments as their employees’ work styles evolve.”