Carpetmaker acquired by US investors in major deal
One of the West Midlands’ leading brands – Brintons Carpets – has been acquired by US investors in a major deal.
The Carlyle Group, which had been the owner of the Kidderminster manufacturer for the past six years, has sold the business to funds managed by Argand Partners for an undisclosed sum.
Since September 2011 when Carlyle made its £40m investment in Brintons the company has transformed its performance and is now a major player within the global Axminster carpeting market.
At the time of the purchase, Brintons had been in administration with the jobs of 700 workers in the UK and a further 1,000 around globe in jeopardy.
The company, which is the largest manufacturer of axminster carpets in the world, has carried out many prestigious projects, including the Indira Gandhi International Airport in Delhi, the Queen Mary 2 liner (just as it had for the original ship in 1933), many Las Vegas casinos and the St. Pancras Renaissance Hotel in London.
Brintons posted record earnings in 2016 and was acknowledged earlier this year in the Sunday Times Profit Track 100, ranking the company as one of Britain’s private companies with fastest growing profits over the last three years. Forecasts for the financial year, ending September 2017, are set to meet or further exceed previous results.
Equity for the transaction came from Carlyle Strategic Partners II and III, Special Situations and Corporate Opportunities Funds which are part of Carlyle’s global credit platform.
Argand has partnered with Brintons’ senior management team to acquire 100% of the business.
Argand Partners is a middle-market private equity firm based in New York and San Francisco, specialising in growth investments into global market leading companies within the industrial sector.
Commenting on the acquisition, Tariq Osman, partner and managing director at Argand Partners said: “We were attracted by Brintons’ leading market position within the global luxury carpet market. Brintons has a long history of selling award-winning carpet that utilises the highest quality British wool and their own proprietary manufacturing technology, making it uniquely capable of meeting demand for custom-designed, durable and upscale flooring at a competitive price and within tight delivery timelines.
“To find such qualities in an iconic brand like Brintons was rare. Supported by our investment and growth strategies we look forward to partnering with the Brintons’ management team to build an even stronger business in the future.”
Ian Jackson, managing director and co-head of Carlyle Strategic Partners Funds at The Carlyle Group, said: “Brintons has been a solid investment for us, performing strongly over the last five years in a competitive global market. We have invested significantly in product innovation, opening new international markets and building a global talented leadership team who continue to deliver outstanding results and growth in both revenues and market share.”
Duccio Baldi, CEO at Brintons, added: “The transformation Brintons has undertaken has been impressive thanks to the efforts of our global team. We now look ahead to this exciting new chapter, continuing Brintons’ tradition of high quality manufacturing, and working with Argand to build the brand further. As CEO I look forward to working with Tariq and his team as we continue to invest and expand from the successful platform we have built.”
