Knoll Inc., headquartered in East Greenville, acquired Danish furniture maker Muuto for $300 million, part of the modern furniture company's expansion into international markets.
The deal is expected to close in January.
Founded in 2006, Muuto creates commercial and residential furniture, lighting and accessories with a twist on Scandinavian design. Muuto means “new perspective” in Finnish.
Muuto will continue to operate as an independent company headquartered in Copenhagen. About 80 percent of the company’s business is in Europe.
Knoll said the acquisition will increase its international sales from 15 percent to 20 percent and expand its range of price points in the affordable luxury category.
Andrew Cogan, president and CEO of Knoll, said the company hopes to double Muuto’s business in three to five years and cited the opportunity to strengthen client and dealer relationships in North America and Europe.
Cogan said Muuto’s products offer new sources of revenue for Knoll dealers that complement its existing residential and office and supply product lines.
Founded in 1938, Knoll is one of the top furniture companies in the world known for its modern design. Knoll manufactures the iconic Barcelona Chair, which is in the Museum of Modern Art in New York.
Cogan said Muuto’s products “pair seamlessly with the range of modern Knoll designs.”
Muuto furniture has particular appeal to a younger generation and those seeking a homier, more relaxed aesthetic, he said.
Anders Cleeman, CEO of Muuto, said in a statement, “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.”
Muuto founders Peter Bonnen and Kristian Byrge called Knoll “the perfect permanent home for Muuto.”