Norwest Equity Partners invests in Stanton Carpet
Middle market private equity firm Norwest Equity Partners has made a significant majority investment in Stanton Carpet, a distribution company offering a variety of decorative, branded soft floor covering products for the residential market.
Founded in 1980 by Sy Cohen, Stanton maintains an active base of more than 3,500 customers comprised of independent retail floor showrooms, architecture and design firm showrooms, and catalogue and internet retailers.
Todd Solow, NEP partner and Stanton board member, says: “Stanton is a great fit with NEP’s investment strategy in the distribution industry, and we believe it is an excellent time to invest in the company as it should benefit from the improving health of the housing and renovation market. Stanton provides tremendous value to its customers by providing excellent customer service and a differentiated sales and distribution model. With a proven track record of introducing new products and entering new markets, Stanton is well-positioned to grow, expand, and gain market share.”
“As a 30-year old family-owned business, our investment partnership with NEP marks an exciting time for Stanton. NEP has tremendous experience with investing in family-run businesses as well as significant industry expertise and resources in the distribution sector. On behalf of the Stanton team, we look forward to working closely with NEP,” says Sy Cohen, Stanton founder and chief executive officer.
Norwest Mezzanine Partners provided the mezzanine financing for the transaction, and additional financing was provided by GE Antares Capital, PNC Capital Markets, and NXT Capital. BB&T Capital Markets served as financial adviser to Stanton on the transaction.
Prior to NEP’s investment, Stanton was a portfolio company of Linsalata Capital Partners, a private equity firm based out of Cleveland, Ohio.
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