An Affiliate of Sun Capital Partners, Inc. Acquires InterfaceFABRIC, a Manufacturer of Interior Fabrics and Upholstery for Office Furniture.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. -- Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that one of its affiliates has signed a purchase agreement to acquire the InterfaceFABRIC business, from Interface, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IFSIA), an international provider of floorcoverings. Terms of the acquisition were not disclosed. InterfaceFABRIC, based in Grand Rapids Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, , MI, is the largest U.S. commercial contract manufacturer of interior fabrics and upholstery product for the office furniture industry, as well as a leading provider of specialized automotive, healthcare, and hospitality textile solutions. Office furniture fabric is marketed under the InterfaceFABRIC, Guilford of Maine, Chatham, Teknit, Infinity and Terratex brands. Recently, InterfaceFABRIC entered the automotive sector and is providing a "green" body cloth a cloth or blanket for covering horses. See under Body. See also: Body Cloth fabric for the Ford Escape. The Company has facilities in Elkin, NC; Guilford, ME; Grand Rapids, MI; and Ningbo, China. Chris Richard, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , InterfaceFABRIC, said, "We are pleased to have entered into an agreement with an affiliate of an experienced financial sponsor. This transaction will provide us with the opportunity to benefit from Sun Capital's operating experience as we seek to penetrate new market segments and continue on our path of offering environmentally sustainable fabrics." M. Steven Liff, Managing Director, Sun Capital Partners, Inc., added, "InterfaceFABRIC holds market leading positions in its various product lines and we look forward to supporting Chris Richard and the management team in their growth plans." About Interface, Inc. Interface, Inc. (NASDAQ:IFSIA), is a recognized leader in the worldwide interiors market, offering floorcoverings and fabrics. The Company is the world's largest manufacturer of modular carpet under the InterfaceFLOR, FLOR FLOR first line of response , Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the high quality, designer-oriented segment of the broadloom broad·loom adj. Woven on a wide loom: a broadloom carpet. broad carpet market. About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 155 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion