Herman Miller, Inc. has agreed to acquire modern furniture and accessories retailer Design Within Reach, Inc. (DWR), attaining an 84 percent ownership interest for an estimated $154 million in cash. The transaction is scheduled to close July 28.
Founded in 1998, DWR operates 38 Studio locations in the U.S. and Canada, accompanied by a strong e-commerce presence and popular print catalog. It is the largest and fastest growing retailer of Herman Miller’s furniture. Last year, DWR reported revenues of approximately $218 million. DWR’s CEO John Edelman and president John McPhee will continue to lead the business and report to Herman Miller CEO Brian Walker.
The acquisition expands Herman Miller’s reach in the consumer sector and will help establish the company as a premier lifestyle brand, Walker said in a statement. “In addition to enhancing Herman Miller’s brand visibility, we gain access to DWR’s growing and exclusive product portfolio and proven development capabilities,” he noted. “This offers further benefit to our commercial workplace market and beyond. Additionally we are acquiring a complete consumer-focused infrastructure and an experienced and committed leadership team and workforce that truly values Herman Miller’s design legacy.”
In a shared statement, DWR’s Edelman and McPhee said: “We’ve worked closely [Herman Miller] and its leadership for many years and have great respect for their approach to business and people. We also share a passion for great design and making a difference in the world. This combination will enable us to accelerate our mission to make great, authentic modern design accessible.”
Walker added that Herman Miller will continue to develop DWR’s new flagship Studios model, currently operating in nine cities in North America.