ATLANTA — July 25, 2012 — 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.”
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.”
Posted on July 31, 2012
Source: Interface Inc.