FIH Partners advised the founders and Maj Invest on the divestment of Muuto
FIH Partners advised the founders, Peter Bonnén and Kristian Byrge, and Maj Invest on the divestment of Muuto, the Copenhagen-based designer of affordable luxury furniture, lighting and accessories, to the Pennsylvania-based and listed design brand owner, Knoll.
Muuto was established in 2006. Since then, Muuto has designed contemporary furniture and interior design products based on a philosophy of adding new perspectives to the Scandinavian design heritage. Today, Muuto is a market leader in the ‘affordable luxury’ segment.
With a product portfolio addressing both the residential and the commercial market, Muuto has consistently realised annual growth rates of 30-50% while maintaining industry leading profitability.
Muuto has revenues of approx. DKK 460m and EBITDA of approx. DKK 130m.
The acquisition of Muuto advances Knoll’s strategy of building its global capability as a go-to resource for workplaces and homes, including the commercial contract, decorator to-the-trade and consumer markets. Additionally, the acquisition will expand the range of price points Knoll covers in the affordable luxury segment and will significantly expand Knoll’s international sales.
The price paid corresponds to an enterprise value of approx. DKK 1.9bn and the transaction is expected to close in January 2018.
FIH Partners acted as exclusive financial advisor to the founders and Maj Invest.