by Michelle Sturman, opi
Office furniture manufacturer Herman Miller has taken a stake in a second European business in as many days.
The company has purchased a 33% equity interest in Denmark-based furniture firm HAY for $66 million, as well as the rights to the brand in North America for around $5 million. This follows yesterday’s acquisition of Netherlands-based Maars Living Walls.
Founded in Copenhagen in 2002, HAY is a leader in ancillary furnishings in Europe and Asia, and active in both the contract and residential furnishing markets. Sales for HAY’s current fiscal year ending July 2018 are expected to total $155 million.
Herman Miller said that over the course of the coming year HAY’s goods will be available through its Design Within Reach channels. An online store will be launched as well as four retail locations. HAY products will also be integrated into the offer to Herman Miller’s North American and international dealers.
Herman Miller CEO Brian Walker said: "With more workplaces and commercial spaces adopting a residential feel, the opportunity to offer quality designs at an attainable price point is only expanding. Adding HAY’s considerable stable of products to our ancillary offer further cements Herman Miller’s ability to deliver excellent design to customers regardless of budget or what kind of space they’re outfitting.