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Engineered Floors completes asset purchase

Screen Shot 2017-11-16 at 9.56.41 AMDalton, Ga.—Engineered Floors has purchased substantially all of the operating assets of Beaulieu Group. This completes a process that began formally Sept. 20 with a letter of intent.

“We are pleased with the quick approval of the bankruptcy court of our purchase agreement,” said Robert E. Shaw, founder and CEO of Engineered Floors. “We can now move forward building an even stronger floor covering industry in our community.”

Beaulieu of America opened in the mid ‘70s and grew to become the third-largest carpet manufacturer in the United States, with annual sales approaching $1 billion at the start of the recession in 2008. The company then shortened its name to Beaulieu America and broadened its product offerings to include hard surfaces. At the same time, its specified commercial division, Bolyu, began gaining the attention and respect of the architectural and design community.

Engineered Floors is now in the process of determining the integration of Beaulieu America personnel, as well as physical and intellectual property assets and brands for its continued growth. The company will make announcements over the next few months regarding these decisions.

“Right now, we’re focused on minimizing the impact Beaulieu’s bankruptcy and this acquisition has on the people and the community in North Georgia,” said James Lesslie, executive vice president of sales and marketing for Engineered Floors. “We are placing as many former Beaulieu associates as we can and assessing the best use of the various offices and facilities here. We want the floor covering community to emerge from this chapter stronger than ever before.”

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Engineered Floors enters into asset purchase agreement for Beaulieu

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Dalton–Engineered Floors LLC has entered into an agreement with Beaulieu Group LLC to purchase substantially all of the operating assets of Beaulieu.

The companies had previously announced they had agreed to terms in a letter of intent. They have now concluded those negotiations and executed a definitive agreement.

Beaulieu, which is operating under Chapter 11 bankruptcy protection, will seek court approval of this transaction, which is now expected to close in early November. Engineered Floors plans to operate the assets going forward and continue to grow the residential and commercial businesses.

“This will be good for both our business and the community,” said Bob Shaw, chairman and CEO, Engineered Floors.