The management team of Bentley Prince Street is pleased to announce that it has entered into a definitive agreement to acquire the company from its parent, Interface, Inc. (NASDAQ: IFSIA), and return the distinguished commercial carpet manufacturer to a privately-owned entity. The transaction is expected to close in the coming few weeks. Management, making the purchase together with Dominus Capital, a private equity investment firm, plans to capitalize on the company’s over-thirty-year history of designing award-winning commercial carpet products to expand its broadloom, carpet tile and area rug businesses worldwide. In the coming year, Bentley Prince Street will be increasing its efforts to meet industry demand for innovation and performance, while reinforcing its legacy of design excellence.
“This upcoming chapter in our company’s history is exciting for our associates and our industry because we are setting big goals for growth that will provide a huge burst of energy for all of us,” said President and CEO Anthony Minite. “Bentley Prince Street has long been celebrated for design excellence and an entrepreneurial spirit, and that spirit is what motivates us to be better and stronger than our competitors.”
Bentley Prince Street will continue to manufacture quality products, designed with its customers’ needs in mind, in the most responsible way. Partnering with Dominus Capital will afford Bentley Prince Street the ability to acquire the highest quality technology, which will allow the company to exceed the industry’s expectations in the areas of design and innovation. In addition, management plans to expand the company’s carpet tile and area rug programs in the U.S. and abroad.
Ashish Rughwani, Partner at Dominus Capital, added: “We are excited to partner with Anthony and the rest of the management team in this investment. We look forward to supporting them as they continue to expand their industry-leading product portfolio and further build-out their roster of dedicated clients around the globe. In addition to making a substantial financial commitment to Bentley, we look forward to utilizing our previous experience in the floor covering industry, as well as our network of industry executives, to assist management in achieving its growth plans.”
Bentley Prince Street is the largest commercial carpet manufacturer in California and it will continue to operate in its LEED Certified for Existing Buildings facility in Los Angeles, while bringing jobs and revenue back into the state. In addition to the economic benefits, Bentley Prince Street is the first manufacturer in California, and one of only three companies in the state, selected to Pilot ISO 50001 by the Department of Energy.
For two decades, Bentley Prince Street has led the industry in an unparalleled commitment to sustainability. Bentley Prince Street will continue to embrace Ray Anderson’s legacy of environmental responsibility as it builds toward a future that is most beneficial to associates, customers and vendors. The company is recognized as a leader in driving sustainability, and it will continue to engage its associates and customers in that commitment.
While the contemplated purchase may represent a change in ownership, it does not represent any change in Bentley Prince Street’s commitment to delivering quality products and customer service since 1979. Design, quality and service are the tenets upon which Bentley Prince Street is built and also represent what customers have come to expect. Bentley Prince Street is embracing its entrepreneurial roots and looks forward to writing the next chapter in its rich history together with customers, vendors, and partners.