Atlanta, Ga. -- Interface closed its previously announced acquisition of nora systems via a stock purchase transaction valued at approximately $400 million. Nora is a global leader in performance flooring and worldwide share leader in the rubber flooring category, and was previously majority owned by investment firm Intermediate Capital Group (ICG). Moving forward, Interface will continue to offer rubber flooring under the nora brand name.
This acquisition expands Interface’s fast-growing resilient flooring portfolio and advances its strategy to serve customers in high-growth segments such as healthcare, life sciences, education and transportation. Rubber flooring is ideal for applications that require hygienic, safe flooring with strong chemical resistance. Additionally, it is extremely durable compared to other flooring alternatives.
“We expect the nora acquisition to accelerate our value creation strategy and drive positive results for all of our key stakeholders,” said Jay Gould, Interface CEO. “We are eager to start working with our new nora colleagues to better serve our customers. Together we can deliver a wider range of options that meet our customers’ requirements in different commercial applications, helping Interface and our customers to win in the marketplace.”
The nora acquisition is expected to be accretive to Interface’s adjusted earnings per share, beginning in the third quarter.
“We are pleased to deliver an accretive acquisition while maintaining a very manageable net debt leverage ratio,” said Bruce Hausmann, Interface CFO. “At the same time, as we announced previously, we are financing the nora transaction with debt by amending and extending our existing credit facility which effectively refinances all of Interface's debt at lower rates while extending maturity dates out for five years. This is a fantastic outcome.”
For more information, visit www.interface.com.