David Motyl, CEO of Amtico International, said that Dutch private equity firm ABN Amro Capital, Electra Private Equity and Amtico's management team have completed the purchase of all outstanding shares of the flooring maker. Said Motyl of the transaction, "now we can move all our attention back to the business."
ABN Amro recently announced plans to purchase Amtico from Electra for about $184 million dollars. With the purchase complete, ABN Amro becomes the principal shareholder of the Coventry, England-based manufacturer with a 56 percent stake in the company. Amtico's management has also invested a portion of shares and Electra retains an 18 percent stake.
According to Motyl, the sale puts Amtico in a strong position for future growth.
"Amtico is the market leader in a fast-growing segment of the hard surface flooring market," he said. "Along with the help of our customers and business partners, and the backing of a highly interested and supportive new investor, we can build our position further."
Amtico, which employees about 800 people worldwide, went on the block in April. Former principal shareholder Electra backed Amtico 11 years ago for a management buyout from UK chemical company Courtaulds, which started Amtico as a joint venture with American Biltrite in 1964.
Amtico's purchase completed: ‘We can get back to business'
October 1, 2006