Furniture maker acquires $100M lifestyle brand
A furniture maker in the region is expanding its lifestyle offerings via acquisition.
Holland-based Haworth and Italy-based Poltrana Frau Group, a brand of Haworth, said yesterday that they have reached an agreement to acquire a majority share of West Hollywood, California-based JANUS et Cie, a premium outdoor and interior furniture company.
Terms of the deal were not disclosed.
The transaction is subject to closing conditions, including approval by regulatory bodies.
The approval and completion of the sale is expected to happen within the next 30 to 60 days.
“This acquisition reinforces our continued desire to invest in our Lifestyle Design division, which has just completed a second successful year of Haworth ownership,” Haworth President and CEO Franco Bianchi said. “The acquisition of JANUS et Cie will also offer further development opportunities for our dealers in North America.”
JANUS et Cie will continue to operate independently, with its founder, designer Janice Feldman, retaining a significant equity stake in the company and retaining her position as CEO.
JANUS et Cie COO Paul Warren will also retain his position.
Feldman and Warren will report to Poltrana Frau Group CEO Dario Rinero.
“We are fully committed to take maximum advantage of our shared resources and priorities with Poltrona Frau Group and Haworth,” Feldman said. “The solid and respected global scale of Poltrona Frau Group and Haworth will facilitate our rapid long-term expansion.”
JANUS et Cie
The company employs 240 people at its 16 showrooms and 40 sales offices throughout the world.