Article Number : 7683 |
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| Date | 7/26/2012 8:35:20 AM |
| Written By | LGM & Associates Technical Flooring Services |
| View this article at: | //floorbiz.com/BizResources/NPViewArticle.asp?ArticleID=7683 |
| Abstract | ATLANTA, July 25, 2012 /PRNewswire/ -- Interface, Inc. (NASDAQ: IFSIA), the world's largest manufacturer of modular carpet, today announced that it has entered into a definitive agreement to sell its Bentley Prince Street division in a transaction valued at... |
| Article | ATLANTA, July 25, 2012 /PRNewswire/ -- Interface, Inc. (NASDAQ: IFSIA), the world's largest manufacturer of modular carpet, today announced that it has entered into a definitive agreement to sell its Bentley Prince Street division in a transaction valued at $35 million. Bentley Prince Street will be sold to Dominus Capital, a private investment firm, in partnership with Bentley Prince Street President Anthony Minite and other members of the company's senior management team. The transaction is expected to close in the coming few weeks, subject to customary closing conditions. For Interface, the sale will allow the global company to focus management and business strategy entirely on its core modular carpet business, while strengthening its balance sheet. As an independent company with sales in excess of $100 million, Bentley Prince Street will be positioned as the largest California-based commercial carpet company continuing to offer broadloom, carpet tile and area rugs. Los Angeles-based Bentley Prince Street has been a part of the Interface family of companies since 1993, when Bentley Mills was acquired by Interface. Bentley was merged with Prince Street Technologies, another Interface subsidiary, in 2002, when broadloom operations were consolidated on the West Coast. "Bentley Prince Street has the distinction of being an iconic brand in the marketplace," said Dan Hendrix, chairman and CEO of Interface, Inc. "Anthony and his team have contributed a great deal to our company's success, and in particular, to our sustainability journey. For nearly 20 years, our Bentley Prince Street colleagues have journeyed with us in reducing our negative impacts on the environment with the highest degree of integrity. I know they will continue to be a sustainability leader, while expanding the boundaries of commercial carpet design, manufacturing and customer service." Bentley Prince Street will continue to operate in California under the leadership of Anthony Minite, who now assumes the additional role of CEO. Minite said that daily operations will continue as normal. "While the purchase may represent a change in ownership, it does not represent any change in Bentley Prince Street's commitment to delivering quality products and customer service, something the company has done continuously since 1979," said Minite. "Being privately owned will be a return to Bentley Prince Street's entrepreneurial roots and afford the company, as well as its loyal customers, the opportunity to write the next chapter in its rich history." Ashish Rughwani, Partner at Dominus Capital, added "We are excited to partner with Anthony and the rest of the management team in this investment. We look forward to supporting them as they continue to expand their industry leading product portfolio and further build-out their roster of dedicated clients around the globe. In addition to making a substantial financial commitment to Bentley, we look forward to utilizing our previous experience in the floor covering industry, as well as our network of industry executives, to assist management in achieving its growth plans." About Bentley Prince Street Defining style, color, quality and service for over 30 years, Bentley Prince Street manufactures and markets award-winning broadloom, carpet tile and area rugs for commercial interiors across the globe. Bentley Prince Street is committed to sustainable commerce and innovations to integrate style and function with environmental practices. With the industry's most comprehensive vertical carpet manufacturing facility, the company maintains third-party certification to the ISO 9001:2009 Quality Management System and the ISO 14001:2004 Environmental Management System. Based in Los Angeles County, California, Bentley Prince Street operates in a LEED-EBŪ Silver carpet mill and is the largest commercial carpet manufacturer in California. For more information, please visit www.bentleyprincestreet.com and http://bpscarpet.blogspot.com. About Dominus Capital Based in New York, Dominus Capital is a leading middle-market private equity investment firm that focuses on management-led buyouts and growth capital investments in companies in the business services, light manufacturing and consumer sectors. Drawing on the experience, knowledge and network of its founders and a team of in-house operating executives, Dominus Capital works hand-in-hand with exceptional management teams to unlock the untapped potential of its portfolio companies. The firm takes a long-term and conservative approach to investing and has a consistent and successful track record of achieving significant growth at its portfolio companies. The Dominus Capital team members have executed over 40 transactions over the past 20 years. For more information, please visit www.dominuscap.com. About Interface, Inc. Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the Interface, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value. SOURCE Interface, Inc. |