Furniture maker acquiring stake in $65M Dutch company
A furniture maker in the area is acquiring part of a Dutch company that designs and manufactures modular walls.
Zeeland-based Herman Miller said today it is leading a group of investors to acquire Maars Living Walls, which is headquartered in the Netherlands and makes walls for a variety of industries.
Maars’ revenue in the most recent fiscal year was about $65 million.
Under the terms of a preliminary agreement, Herman Miller will acquire 48 percent of Maars equity for $6 million, with an option to acquire a controlling interest over time.
Additional investors in the group include select U.S.-certified Herman Miller dealers, a European dealer and members of the Maars management team, led by the incumbent CEO.
“Maars will have access to Herman Miller’s expansive and strong dealer network in North America and their global customer base," said Menno de Vries, CEO, Maars Living Walls. "This combination significantly expands our global reach and opens up many new opportunities for the Maars brand, our people and our growing network.”
Herman Miller said the addition to its family of brands will enable more dealers and customers to "interact" with its product portfolio.
“We know that this solution set requires a highly committed and capable dealer network to lead specification and installation,” said Jeremy Hocking, EVP of strategy and business development, Herman Miller.
“We believe this unique investor group ensures we have the right folks to guide the implementation of the Maars strategy to expand their presence in the North American market and develop a leading global position. We are confident that the seasoned management team at Maars and our industry-leading distribution network will be a winning combination.”
Herman Miller (Nasdaq: MLHR), a 113-year-old company, generated $2.28 billion in revenue and employed nearly 8,000 people worldwide in 2017.
Maars Living Walls
Maars was founded in 1946 and has since expanded to more than 45 countries.
Its customers have included General Electric, Google and Microsoft.