Congoleum, one of America's oldest resilient flooring brands, founded in 1886, announced that it has successfully completed its restructuring process as a privately held company. Through this process, the company has eliminated significant contingent liabilities and reduced its debt by more than $80 million dollars. Additionally, the company will benefit from an injection of capital from its investors and has closed on a credit facility through Wells Fargo. With an enhanced capital structure, Congoleum is well positioned to invest in its people and its manufacturing infrastructure, as well as product development and marketing.
“Today marks the start of a new era for Congoleum as an even stronger and more competitive company,” said Chris O’Connor, chief executive officer of Congoleum. “With the completion of our financial restructuring and the support of our new owners, we have a significantly improved balance sheet and a dynamic capital investment program that will allow us to leverage our market position to fuel sustainable growth and value creation”.