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Add-on Acquisition • Furniture

HNI Acquires Steelcase

On August 4, 2025, HNI acquired furniture company Steelcase for 2.2B USD

Acquisition Context
  • This is HNI’s 7th transaction in the Furniture sector.
  • This is HNI’s largest (disclosed) transaction.
  • This is HNI’s 8th transaction in the United States.
  • This is HNI’s 1st transaction in Michigan.

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M&A Deal Summary
Date August 4, 2025
Target Steelcase
Sector Furniture
Buyer(s) HNI
Deal Type Add-on Acquisition
Deal Value 2.2B USD
Advisor(s) Goldman Sachs
BofA Securities (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target Company

Steelcase

Grand Rapids, Michigan, United States
Entrance to Steelcase's corporate headquarters in Grand Rapids, Michigan.
Entrance to Steelcase's corporate headquarters in Grand Rapids, Michigan.
Steelcase provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products across a range of price points. The Company's furniture portfolio includes panel-based and freestanding furniture systems and complementary products such as storage, tables and ergonomic worktools. The Company's seating products include chairs which are highly ergonomic, seating that can be used in collaborative or casual settings and specialty seating for specific vertical markets such as healthcare and education. Steelcase's technology solutions support group collaboration by integrating furniture and technology. The Compay's interior architectural products include full and partial height walls and doors. Steelcase was founded in 1912 and is based in Grand Rapids, Michigan.
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Buyer Overview 1

Buyer

HNI

Muscatine, Iowa, United States
Category Company
Founded 1944
Sector Furniture
Employees7,600
Revenue 2.5B USD (2024)
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 Context for Buyer #
Overall 9 of 9
Sector: Furniture 7 of 7
Type: Add-on Acquisition 6 of 6
State: Michigan 1 of 1
Country: United States 8 of 8
Year: 2025 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-08 Kimball International

Jasper, Indiana, United States

Kimball International is a provider of furniture for the office and hospitality markets sold under our family of brand names - Kimball Office, National Office Furniture, and Kimball Hospitality. Kimball International was founded in 1939 and is based in Jasper, Indiana.

Buy $485M

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