ARCHITECT's Ayda Ayoubi reports that design giant Herman Miller announced acquisition deals with two European furniture brands. On Wednesday, the company said it is leading a group of investors to acquire Maars Living Walls (Maars), a global designer and manufacturer of commercial interior wall solutions. Under a preliminary contract, Herman Miller will acquire 48 percent of Maars for $6 million, with a contingency to increase ownership over time.
Then, on Thursday, Herman Miller announced it acquired 33 percent equity interest in HAY for $66 million, with the option to expand its ownership stake in the future. Herman Miller paid an additional $5 million for the rights to the HAY brand in North America.
Known for its modular wall solutions for commercial interiors, Maars was founded in 1946 in Harderwijk, the Netherlands. The company has since expanded its footprint to more than 45 countries. General Electric, Google, IBM, and Microsoft are among the company's clients.Read More