AAC Capital UK (AAC UK), the mid-market buy-out firm, has sold Amtico Group, a designer and manufacturer of high end flooring, to Mannington Mills, Inc, the US-headquartered provider of branded flooring products.
Amtico created the market for high quality floor tiles over 40 years ago and has been at the forefront of producing innovative and resilient flooring products for residential and commercial interiors ever since. Its internationally recognised brand is synonymous with cutting-edge design and high performance. The company employs 600 people operating from its headquarters in Coventry (UK) and facilities in Madison (USA) and Conyers (USA).
Amtico has been actively managed by AAC UK since its acquisition in August 2006. During AAC UK’s ownership revenues have grown 32%, output volume is up 54% and profits have grown 54% despite raw material cost growth and a recession in the construction industry.
Highlights of AAC UK’s successful strategy for the business include:
Paul Southwell, UK Managing Partner at AAC UK, says: “This is our second successful exit within a month following the sale of Volution in February 2012. Both Volution and Amtico are great examples of what we do best; working with first rate management teams of UK headquartered businesses to drive domestic and international growth. Our investors have received another strong return in a challenging macro-economic environment and we wish Jonathan and his team every continued success under their new ownership.”
Jonathan Duck, CEO of Amtico, says: "The Amtico story is a case study in what a business can achieve under private equity ownership. Since AAC UK invested in Amtico, our output and profits have risen by over 50%. We have also brought jobs back to the UK and US from China, proving that there is a long term future for manufacturing in the West."
Simon Tuttle and Grant Paul-Florence co-ordinated the investment and exit on behalf of AAC UK.
