Haworth Acquires JANUS et Cie
Wednesday, April 13, 2016
From Contract Design
Poltrona Frau Group and Haworth will acquire the majority share of JANUS et Cie, an outdoor and interior furniture company based in Los Angeles. The acquisition will operate within Haworth’s lifestyle design division alongside the brands Cassina, Cappellini, and Poltrona Frau. Haworth had acquired Poltrona Frau Group in 2014.
The transaction remains subject to certain closing conditions, including approval by governing regulatory bodies. Closing is expected to take place within the next 30 to 60 days.
Founded in Los Angeles in 1978 by Janice Feldman, JANUS et Cie has an annual revenue of approximately $100 million USD. It has 16 directly-owned showrooms and 40 sales offices around the world employing 240 people. JANUS et Cie will continue to operate independently, Feldman will retain a significant equity stake in the company, and she will continue to serve as the company’s CEO. Paul Warren, COO of the company, will also continue in his current role. Both Feldman and Warren will report to Dario Rinero, CEO of Poltrona Frau Group.
“I am particularly happy that we have reached this agreement after a long journey of discovery. Through the acquisition of JANUS et Cie, we will enter the important segment of outdoor furniture, attaining a global leadership position thanks to the value of the brand and the size of the company,” Rinero said.
“What appeals to me most is JANUS et Cie’s enormous potential for expansion, as today the brand is mostly present in North America and still to be substantially developed in Asia and Europe. The value of this acquisition will therefore be reflected in the advantage that JANUS et Cie’s products will benefit from Poltrona Frau Group and Haworth’s international sales and distribution platforms.”
Feldman stated: “I am very proud to announce the creation of an extraordinary partnership. Poltrona Frau Group and Haworth have made an important investment in JANUS et Cie. Beyond our shared core values in people, growth and historical legacy, our companies have powerful synergies as we expand together globally. The decision to partner with Poltrona Frau Group was inspired by their excellent reputation in all aspects of design and leadership.
“The group, collectively and individually, has consistently demonstrated an historical commitment to privately owned, carefully grown businesses for many generations. In every respect, these qualities also describe the exceptional people who, over the past 38 years, are JANUS et Cie. We operate today in multiple market sectors: residential, hospitality, contract, site and marine.”
Franco Bianchi, president and CEO of Haworth, remarked: “I am honored that JANUS et Cie has chosen us to continue its extraordinary success story. This acquisition reinforces our continued desire to invest in our Lifestyle Design division, which has just completed a second successful year of Haworth ownership. We remain focused on innovation and premium design translated into solutions that anticipate customer needs. The acquisition of JANUS et Cie will also offer further development opportunities for our dealers in North America.”
– By Murrye Bernard