ZEELAND — A West Michigan office furniture company is partnering with an investor group to acquire a Dutch manufacturer of modular walls.
According to a statement, Herman Miller Inc. (Nasdaq: MLHR) will pay $6 million for 48 percent of the equity in Harderwijk, Netherlands-based Maars Living Walls. The company partnered with “select U.S. certified Herman Miller dealers, a European dealer, and members of the Maars management” on the deal.
Herman Miller retained an option to acquire a controlling interest in the company over time.
Maars generated roughly $65 million in revenue in its most recent fiscal year. The firm sells its products for offices, health care, airports, hospitality and university environments. The company employs about 300 people and serves customers over 45 countries.
In particular, the deal will give Maars access to Herman Miller’s North American dealer network.
Herman Miller President and CEO said in the statement that Maars will become “a key part of our offering” for customers with enclosed settings.
“Now, more than ever, customers are looking for environments that are flexible, modular spaces, and Maars meets that demand with innovation and design at the center,” Walker stated. “Combined with other solutions we have or will be introducing in the near future, we will have a broad and leading portfolio in this important and growing solution segment. This is another key step in our efforts to increase our share of wallet as we build a stronger dealer eco-system.”
For Herman Miller, the deal is expected to be dilutive to earnings per share in its current 2019 fiscal year.