JASPER, Ind., Nov. 01, 2017 (GLOBE NEWSWIRE) -- Kimball Hospitality, a subsidiary of Kimball International, Inc. (NASDAQ:KBAL) announced today the pending acquisition of the assets of D’style Inc. and its subsidiary Allan Copley Designs, headquartered in Chula Vista, CA. The closing is expected to be complete within the next 30 days.
D’style is a world class supplier of metal public space and guest room furnishings ranging from tables, vanities, grilles, lighting and other accent pieces to the hospitality industry. Allan Copley Designs provides the highest in quality wood, metal and glass casegood and seating products sold through the hospitality market and residential distribution channels. This acquisition expands Kimball Hospitality’s reach into hospitality public space areas and adds an attractive product portfolio of solutions for the residential market. These offerings will enable us to take advantage of the trend where hospitality, residential and commercial designs are merging.
In addition, the acquisition will include Diseños de Estilo in Tijuana, Mexico, another member of the D’style group which manufactures exclusively for D’style, strengthening Kimball Hospitality’s North American manufacturing footprint and serving as a distribution channel to the Mexico and Latin American hospitality markets.
“We are thrilled to bring D’style and Allan Copley Designs into our portfolio,” said Kourtney Smith, President of Kimball Hospitality. “Strategically, this positions us to be a significant player in the public space area, expanding our reach beyond guestrooms. D’style’s custom metal capability is a huge asset with many designs incorporating mixed materials. Designers have trusted D’style with their custom creations for decades.”
D’style will continue to be led by Roberto Besquin, former co-owner and founder of the company, who will serve as Executive Director, D’style. D’style operations will continue to be led by former co-owner, Jacob Shor, in the role of Senior Director of Operations, D’style.
“Jacob and I are confident we’ve found a buyer that we are strategically aligned with and who is committed to investing in the business for future growth,” Besquin said. “We have had great success over the last 28 years and are excited to partner with someone who can help take our company to new heights.”
D’style sells primarily in North America and had annual revenues of approximately $20.0 million in calendar year 2016. The company will be purchased for $20.0 million, inclusive of a $2.2 million contingent earn-out. The purchase price is subject to certain post-closing working capital adjustments. The acquisition is expected to be accretive to earnings in fiscal year 2018.
“D’style and Kimball International have similar values, principles and company culture which will enable us to build success together. We are excited to welcome the D’style employees to the Kimball International family,” added Bob Schneider, Chairman of the Board and CEO, Kimball International.
About Kimball Hospitality
Kimball Hospitality is the leader in providing hospitality furniture solutions. We work with top designers, owners and brands to create furniture which reflects the unique ambiance of their property. Our technical furniture design and construction expertise, coupled with our state of the art quality system, global manufacturing and logistics capabilities enable us to meet project requirements throughout the world. To learn more about Kimball Hospitality, visit www.kimballhospitality.com.
About Kimball International, Inc.
Kimball International, Inc. creates design driven, innovative furnishings sold through our family of brands: Kimball, National, and Kimball Hospitality. Our diverse portfolio offers solutions for the workplace, learning, healing, and hospitality environments. Dedicated to our Guiding Principles, our values and integrity are evidenced by public recognition as a highly trusted company and an employer of choice. “We Build Success” by establishing long-term relationships with customers, employees, suppliers, share owners and the communities in which we operate. To learn more about Kimball International, Inc. (NASDAQ:KBAL), visit www.kimballinternational.com.
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Source:Kimball International, Inc.