Michigan-based furniture manufacturer Haworth has acquired a 58.6% stake in the Poltrona Frau Group—an Italian company they have been in partnership with since 2011. As part of the transaction, Haworth will also acquire a 98% stake in the company that owns the Italian factories for $2.59 million.
The Poltrona Frau Group has also been building up its umbrella of brands. In July 2013, it announced the acquisition of the Simon brand, in its quest to acquire classic Italian design brands that “express and disseminate Italian excellence and culture across the world,” according to Dario Rinero, CEO of the Poltrona Frau Group, which includes Poltrona Frau, Cassina and Cappellini.
Haworth office furniture
In 2013, Haworth recorded $1.4 billion in revenue (an increase of 7.3% from 2012), and has approximately 6,000 employees and over 600 dealers worldwide. Founded in 1948 by the same family that owns it today, Haworth creates and manufactures flexible and sustainable workspace furniture with product lines that include movable walls, systems, chairs, floating floors and communication technologies.
“This is for me the realization of a big dream, the creation of the most important global operator in the industry of luxury furnishing that will bring great benefits to the international development of the Group and the consequent growth of our factories and manufacturing sites,” said Franco Moschini, president of Poltrona Frau and controlling shareholder of Moschini S.r.l. “This is the crowning achievement of this extraordinary year in which I conclude my first 50 years as president by signing an agreement with another great family of entrepreneurs, in respect of those founding principles that have always characterized our great Company.”
Poltrona Frau showroom
“Our family is very excited about this opportunity,” said Matthew Haworth, chairman of Haworth. “This transaction is not only inspired by the strong performance of the Poltrona Frau Group and what we believe to be highly complementary strategies, but even more importantly, by the great alignment of the values shared by both our families.”
“I think this is good news for the sector and for the country’s economy, because it shows that solid, well-managed leading companies are capable of developing synergies at global level and attracting useful foreign capital for further growth strategies,” said Claudio Luti, president of the Salone del Mobile where the companies will be showcasing new product in April. “It sends an important signal of confidence in the development of our specialist manufacturing skills. It is crucial both that production should remain in Italy and that the consistently high quality of our products be maintained."