Amtico purchased for $184 mil by ABN Amro Capital
In a release, ABN Amro said that Amtico will appoint a new chairman but otherwise keep its current management and staff intact. Additionally, two members of the ABN Amro Capital team will join the board as non-executive directors.
According to David Motyl, CEO of Amtico's U.S. arm Amtico International Inc., the sale is a strong vote of confidence for the company.
"These private equity firms are investing in us because we have a successful track record and good growth," he said. "Electra is still going to retain a shareholding. That's quite exciting because Electra invested considerably in the company 11 years ago, and [it has] decided to carry on investing."
"Now that the sale is complete, we can go back to what's important about our business, and that is helping our customers," he added.
Amtico, which employees about 800 people worldwide, went on the block in April. The company started as a joint venture between UK chemical company Courtaulds and American Biltrite in 1964.
The company produces flooring under the Amtico, Stratica and Spacia brands. Amtico operates production and cutting sites around the world, including in the UK, United States, Germany and Australia. Amtico also runs a global network of Amtico Studio showrooms.