Atlanta — Interface, 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.”
City of Industry, Calif. — The management team of Bentley Prince Street is pleased to announce that it has entered into adefinitive agreement to acquire the company from its parent, Interface, Inc. (NASDAQ: IFSIA), and return the distinguished commercial carpet manufacturer to a privately-owned entity. The transaction is expected to close in the coming few weeks. Management, making the purchase together with Dominus Capital, a private equity investment firm, plans to capitalize on the company’s over-thirty-year history of designing award-winning commercial carpet products to expand its broadloom, carpet tile and area rug businesses worldwide. In the coming year, Bentley Prince Street will be increasing its efforts to meet industry demand for innovation and performance, while reinforcing its legacy of design excellence.
“This upcoming chapter in our company’s history is exciting for our associates and our industry because we are setting big goals for growth that will provide a huge burst of energy for all of us,” said President and CEO Anthony Minite. “Bentley Prince Street has long been celebrated for design excellence and an entrepreneurial spirit, and that spirit is what motivates us to be better and stronger than our competitors.”
Bentley Prince Street will continue to manufacture quality products, designed with its customers’ needs in mind, in the most responsible way. Partnering with Dominus Capital will afford Bentley Prince Street the ability to acquire the highest quality technology, which will allow the company to exceed the industry’s expectations in the areas of design and innovation. In addition, management plans to expand the company’s carpet tile and area rug programs in the U.S. and abroad.
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.”
Bentley Prince Street is the largest commercial carpet manufacturer in California and it will continue to operate in its LEED® Certified for Existing Buildings facility in Los Angeles, while bringing jobs and revenue back into the state. In addition to the economic benefits, Bentley Prince Street is the first manufacturer in California, and one of only three companies in the state, selected to Pilot ISO 50001 by the Department of Energy.
For two decades, Bentley Prince Street has led the industry in an unparalleled commitment to sustainability. Bentley Prince Street will continue to embrace Ray Anderson’s legacy of environmental responsibility as it builds toward a future that is most beneficial to associates, customers and vendors. The company is recognized as a leader in driving sustainability, and it will continue to engage its associates and customers in that commitment.
While the contemplated 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 since 1979. Design, quality and service are the tenets upon which Bentley Prince Street is built and also represent what customers have come to expect. Bentley Prince Street is embracing its entrepreneurial roots and looks forward to writing the next chapter in its rich history together with customers, vendors, and partners.
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-EB® 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.