MIAMI — October 1, 2018 — H.I.G. Capital (H.I.G.), a global private equity investment firm with over $27 billion of equity capital under management, is pleased to announce the closing of the sale of Lexmark Carpet Mills Inc. to Tarkett S.A., a producer of flooring and sports surfaces solutions.
Founded in 1993 and headquartered in Dalton, Ga., Lexmark is a leading producer of broadloom carpet primarily for the hospitality market. Lexmark’s vertically-integrated manufacturing capabilities and state-of-the-art equipment provide numerous competitive advantages, including superior product quality, enhanced customization, and industry leading turnaround times. Lexmark’s proven reputation for service, quality, and flexibility has differentiated the Company as the largest independent operator in the hospitality segment.
H.I.G. recapitalized the Company in September 2013 and subsequently completed the strategic add-on acquisition of Northwest Carpets in June 2015. Since then, the Company has made significant investments in management, sales & marketing, design, and manufacturing capabilities and capacity.
Paul Cleary, CEO of Lexmark, said: “H.I.G. has been a great partner to grow with, as we’ve nearly doubled in size since its investment in 2013. We are now very excited to join Tarkett, with whom we share the same vision and entrepreneurial values, as well as a strong commitment to customer experience. Within the Tarkett group, we will be able to offer a larger choice of products to our customers and partners and provide an even stronger offering.”
Richard Stokes, managing director of H.I.G., said: “We are thrilled to have partnered with such a collaborative and successful management team which did an outstanding job executing on multiple strategic initiatives to enhance Lexmark’s go-to-market strategy and transform the business. The company generated impressive revenue and EBITDA growth, which resulted in a great outcome for management, H.I.G. and its investors. Looking ahead, partnering with a global leader like Tarkett should be highly beneficial for Lexmark’s customers, employees, and everyone involved. We look forward to the company’s continued success.”
Posted October 1, 2018