Herman Miller Inc., a global designer and furniture manufacturer based in Zeeland, Mich., today announced it is leading a group of investors to acquire Maars Living Walls, a global designer and manufacturer of standard and customized modular walls based in the Netherlands.
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 include select U.S. certified Herman Miller dealers, a European dealer, and members of the Maars management team led by the incumbent CEO.
“Maars products will be a key part of our offering that brings customers best-in-class solutions to help them create a variety of enclosed settings,” says Brian Walker, president and CEO of Herman Miller. “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.
“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.”
Maars product lines include Lalinea, which was developed in collaboration with a leading international architectural firm with minimalist design as the starting principle. LineaCube was recognized with the Best of NeoCon Gold Award at NeoCon 2016 for creating an independent architectural space within an open office floor plan. The design features its own ventilation, acoustic insulation, and absorption, and integrates power, data, audio, and lighting into the ceiling.
“This acquisition strengthens our mission to improve people’s well-being and productivity by combining Maars Living Walls with the living office strategy of Herman Miller,” says Menno de Vries, CEO of Maars Living Walls. “Maars will have access to Herman Miller’s expansive and strong dealer network in North America and their global customer base. This combination significantly expands our global reach and opens up many new opportunities for the Maars brand, our people, and our growing network.”
Maars was founded in 1946 and has since expanded to more than 45 countries. Customers have included Dow Hones, General Electric, Google, IBM, and Microsoft. Revenue for Maars in the most recently completed fiscal year totaled about $65 million.
“We are excited to join our co-owning dealer partners in this endeavor,” says Jeremy Hocking, executive vice president of strategy and business development for Herman Miller, founded in 1904. “We know that this solution set requires a highly committed and capable dealer network to lead specification and installation. 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.”