Bentley Prince Street To Buy Itself Back from Interface
by Meghan Edwards | Friday, July 27, 2012
Bentley Prince Street is taking steps to once again become a privately owned entity. The global carpet and rug manufacturer has agreed to buy itself back from Interface, which bought the Los Angeles-based carpet and rug manufacturer in 1993. The buyout, which has been in the planning process for over four months, is scheduled to take place within the next four weeks.
“This is so exciting for all of us at Bentley Prince Street and once this transaction is closed, we will be ready to move full steam ahead as a true entrepreneurial company proudly manufacturing products in California, “ says Anthony Minite, president of Bentley Prince Street, which is widely known and lauded for its sustainability initiatives.
Once the buyout is finalized, says Minite, the company —with the help of private equity investment firm Dominus Capital—plans to expand its broadloom, carpet tile, and area rug business. Added Minite: “Our partnership with Dominus Capital will allow us the ability to reinvest in our company through R&D and further expanding our brand internationally.”
In a prepared statement about the transaction, Interface said it will now focus on expanding its modular carpet tile business in the commercial and residential consumer markets. “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,” stated the LaGrange, Georgia-based company.
Bentley Prince Street, the largest commercial carpet manufacturer in California, will continue to operate its LEED Silver-certified carpet mill in Los Angeles. The 33-year old company will also remain headquartered in L.A.