Zeeland, Mich. -- Herman Miller has entered into an agreement to acquire high-end furniture retailer Design Within Reach Inc. (DWR) for about $154 million in cash.
DWR’s chief executive, John Edelman, and president, John McPhee, will continue to lead the business as part of the Herman Miller brand and will report to CEO Brian Walker.
“This combination expands our reach in the higher margin consumer sector and we have identified multiple points of strategic leverage that will benefit our other segments and operations, as well as DWR’s own growth plans,” Walker said.
The executives will convert their remaining ownership interest in DWR for about an 8.5% ownership stake within a newly formed Herman Miller consumer business unit.
Founded in 1998, DWR operates 38 retail locations in the United States and Canada, an e-commerce site, and a print catalog.