Interface announces pending sale of Bentley Prince Street
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.
Interface has sent out an email to its customers discussing the sale. The e-mail is printed in full:
"Dear Valued Interface Customer:
Our parent company Interface, Inc. has agreed to the sale of our Bentley Prince Street division to the private investment firm Dominus Capital in partnership with Bentley Prince Street President Anthony Minite and other members of his senior management team.
The sale represents a win-win for customers of both companies as Interface and Bentley Prince Street can now focus management and business strategy entirely on our respective core businesses - Interface on expanding its modular carpet tile business for the commercial and residential consumer markets and strengthening our balance sheet. Bentley Prince Street will return to the entrepreneurial roots that have so heavily influenced this brand’s position in the hearts and minds of its customers.
As an Interface customer, there will be no change in the level of service we provide to you. We remain committed to manufacturing high quality products while providing exceptional customer service and award winning, world-class design.
I remain more excited than ever about the future of Interface as we seek to become “off oil” in the manufacturing of our products by using the highest percentage of non-virgin recycled content in the pursuit of our Mission Zero promise to eliminate any negative impact on the environment by 2020.
A reflection of the above are the exciting new products that we launched this year at NeoCon, including our first global product collection - Urban Retreat. Visit our Website at www.interface.com to read more about our products and sustainability progress.
However, please don’t hesitate to contact me or your Account Executive if you have any questions about the sale of Bentley Prince Street or our products and services.
As always, we appreciate your ongoing support of Interface and look forward to serving your needs in the months and years to come.
Sincerely,
John Wells
President, CEO Interface Americas"
