USA – Herman Miller, Inc., the global designer and furniture manufacturer, announced it acquired a 33 percent equity interest in Nine United Denmark A/S (HAY) for USD 66 million.

The transaction expands Herman Miller’s portfolio of leading global brands and allows the company to scale its consumer business, accessing a growing customer base that prioritizes both industry-leading design and value. Herman Miller also acquired the rights to the HAY brand in North America for approximately $5 million. The company has the option to increase its ownership stake in the future.

Founded in Copenhagen in 2002 by Troels Holch Povlsen and Rolf and Mette Hay, the company is a leader in ancillary furnishings in Europe and Asia, and active in both the contract and residential furnishing markets. Forecast revenue for HAY’s current fiscal year that ends in July 2018 is expected to total approximately USD 155 million.

Over the course of the coming year, HAY’s goods will be available through Herman Miller’s Design Within Reach channels. Herman Miller will launch an on-line store, as well as open four HAY retail locations in North America. HAY products will also be integrated into the offer to Herman Miller’s North American and International Dealers.

“HAY is one of the best articulated design brands in the furnishings space,” said Herman Miller CEO Brian Walker. “HAY is a key building block toward our stated priority to scale our consumer business. The HAY assortment will significantly expand our offer to a younger, more urban demographic that we have targeted for expansion.”

“Herman Miller is the perfect partner to expand HAY’s position in North America,” said Rolf Hay, co-founder of HAY. “On a personal level, Herman Miller and the work of Charles and Ray Eames are big reasons I do what I do today, and I am excited to align with a company that shares our sense of purpose and values.”

The entire existing management team led by CEO Henrik Steensgaard will continue driving the HAY brand, its product development, and its efforts in Europe and Asia from their headquarters in Denmark. CEO Henrik Steensgaard will report to a new HAY Board of Directors chaired by Troels Holch Povlsen.