Big news in designworld this summer Friday: Herman Miller has agreed to acquire Design Within Reach for $154 million in cash. That sum, enough to buy 26,602 of DWR’s new all-black Eames lounge-and-ottoman combos, will get Herman Miller an 84% interest in the Stamford, Connecticut-based company, which operates 38 retail stores in the U.S. and Canada along with its online and print catalogue presences. The transaction is expected to close by the end of the month.
DWR CEO John Edelman and President John McPhee, who hold the remaining ownership stakes, are slated to stick around to run DWR as part of a newly formed consumer business unit of Herman Miller. DWR had revenues of approximately $218 million in 2013, while Herman Miller booked $1.8 billion in its 2013 fiscal year, during which it announced its purchase of Maharam for just a couple million more than the DWR pricetag.