M&A Deal Summary

HNI Acquires Sagus International

On November 14, 2011, HNI acquired furniture company Sagus International from Cyprium Partners and Leeds Equity Partners

Acquisition Highlights
  • This is HNI’s 4th transaction in the Furniture sector.
  • This is HNI’s 4th transaction in the United States.
  • This is HNI’s 2nd transaction in Illinois.

M&A Deal Summary
Date 2011-11-14
Target Sagus International
Sector Furniture
Buyer(s) HNI
Sellers(s) Cyprium Partners
Leeds Equity Partners
Deal Type Add-on Acquisition
Advisor(s) BB&T Capital Markets (Financial)

Target

Sagus International

Oakbrook, Illinois, United States
Sagus International, Inc., is a designer and manufacturer of furniture for the educational, hospitality and healthcare industries. Sagus' primary products include: student chairs and desks; teacher chairs, desks and file cabinets; school cafeteria and classroom tables; music room stages and risers; conference and training folding tables and caddies; and casework (custom) cabinets and tables for classrooms, laboratories and other end-uses. Sagus is headquartered in Chicago and employs approximately 600 people. Sagus operates through three divisions

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Buyer(S) 1

Buyer

HNI

Muscatine, Iowa, United States
Category Company
Founded 1944
Sector Furniture
Employees8,100
Revenue 2.4B USD (2023)
DESCRIPTION

HNI is a provider of products and solutions for the home and workplace environments. HNI is a global office furniture manufacturer. HNI was founded in 1944 and is based in Muscatine, Iowa.

DEAL STATS #
Overall 4 of 8
Sector (Furniture) 4 of 6
Type (Add-on Acquisition) 1 of 5
State (Illinois) 2 of 2
Country (United States) 4 of 7
Year (2011) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-14 Artco-Bell

Temple, Texas, United States

Artco-Bell Corp., is a manufacturer of various furnitures.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-13 BP Ergo

Mumbai, India

BP Ergo Ltd., is a manufacturer and marketer of office furniture.

Buy -

Seller(S) 2

SELLER

Cyprium Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cyprium Partners is a private investment firm that provides mezzanine and equity capital to profitable, middle-market companies. The Firm will consider both non-control and control positions in businesses with revenue of $50 to $300 million and at least $8 million of EBITDA. Sectors of interest include traditional industries such as manufacturing, distribution, and services. Cyprium avoids investments in financial services, real estate, energy, commodities, natural resources, restaurants, long-term care and healthcare companies. Cyprium was formerly known as Key Principal Partners. The Firm has offices in Cleveland, Ohio and New York City.

DEAL STATS #
Overall 17 of 28
Sector (Furniture) 1 of 1
Type (Add-on Acquisition) 6 of 11
State (Illinois) 3 of 5
Country (United States) 16 of 27
Year (2011) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-04 Trantech

Edgefield, South Carolina, United States

Trantech is a domestic designer, manufacturer, and supplier of branded radiators and cooling systems for transformer original equipment manufacturer products used in the electric power generation, transmission, and distribution markets and other industrial end markets. Trantech was founded in 1932 and is based in Edgefield, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-06 Weaber

Lebanon, Pennsylvania, United States

Weaber is a manufacturer and sells hardwood lumber products in North and South America, and internationally. Weaber was founded in 1941 and is based in Lebanon, Pennsylvania.

Buy -
SELLER

Leeds Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 3.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Leeds Equity Partners is a specialist private equity firm that targets investments in middle-market companies operating in knowledge industries. Specific areas of interest include education (K-12, postsecondary, at-risk/special education, instruction materials, testing), training (corporate training, professional certification/continuing education, language training), and information/business services (b2b publishing, information databases/research, tradeshows/conferences, business process outsourcing, consulting, staffing, marketing). Leeds prefers investing in established companies that are leaders in their respective markets. Leeds Equity Partners was formed in 1993 and is based in New York, New York.

DEAL STATS #
Overall 7 of 21
Sector (Furniture) 1 of 1
Type (Add-on Acquisition) 3 of 8
State (Illinois) 2 of 4
Country (United States) 6 of 19
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-10 Nobel Learning Communities

West Chester, Pennsylvania, United States

Nobel Learning Communities is a provider of preschool and K-12 education through nearly 190 nonsectarian private schools and its global private online K-12 college preparatory school. Nobel Learning serves over 25,000 students in 17 states and the District of Columbia as well as globally via its online platform. The company delivers high-quality private education through small schools and class sizes, employs qualified teachers and meets students' individual learning styles.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-01 Amplifire

Boulder, Colorado, United States

Amplifire is a provider of adaptive learning and assessment software to higher education institutions, publishers, test-preparation providers, certification associations and healthcare providers. Amplifire, is a fully hosted SaaS application that leverages scientific breakthroughs from the fields of cognitive psychology, neurobiology and game studies to deliver superior learning outcomes.

Buy -
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