ATLANTA, July 25, 2012 /PRNewswire/ -- Interface, Inc. (NASDAQ: IFSIA), the world's largest manufacturer of modular carpet, today announced that it has entered into a definitive agreement to sell its Bentley Prince Street division in a transaction valued at $35 million.
Bentley Prince Street will be sold to Dominus Capital, a private investment firm, in partnership with Bentley Prince Street President Anthony Minite and other members of the company's senior management team. The transaction is expected to close in the coming few weeks, subject to customary closing conditions.
For Interface, the sale will allow the global company to focus management and business strategy entirely on its core modular carpet business, while strengthening its balance sheet. As an independent company with sales in excess of $100 million, Bentley Prince Street will be positioned as the largest California-based commercial carpet company continuing to offer broadloom, carpet tile and area rugs.
Los Angeles-based Bentley Prince Street has been a part of the Interface family of companies since 1993, when Bentley Mills was acquired by Interface. Bentley was merged with Prince Street Technologies, another Interface subsidiary, in 2002, when broadloom operations were consolidated on the West Coast." Bentley Prince Street has the distinction of being an iconic brand in the marketplace," said Dan Hendrix, chairman and CEO of Interface, Inc. "Anthony and his team have contributed a great deal to our company's success, and in particular, to our sustainability journey. For nearly 20 years, our Bentley Prince Street colleagues have journeyed with us in reducing our negative impacts on the environment with the highest degree of integrity. I know they will continue to be a sustainability leader, while expanding the boundaries of commercial carpet design, manufacturing and customer service." Bentley Prince Street will continue to operate in California under the leadership of Anthony Minite, who now assumes the additional role of CEO. Minite said that daily operations will continue as normal. "While the 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, something the company has done continuously since 1979," said Minite. "Being privately owned will be a return to Bentley Prince Street's entrepreneurial roots and afford the company, as well as its loyal customers, the opportunity to write the next chapter in its rich history."