Amtico International, a UK manufacturer of vinyl flooring backed by AAC Capital Partners, has been acquired by Mannington Mills.
Coventry-based Amtico sells its products through its “Amtico” and “Spacia” brands and has operations in Atlanta, Georgia. The company employs more than 600 people and was founded in 1965.
Electra backed Amtico in 1995 in a £17m (€20.3m) deal. The firm will receive total proceeds of £35.5m from the sale to Mannington Mills. AAC Capital Partners came in as an investor in 2006. Since then, Amtico launched the Spacia brand which now generates sales of £44m, raising the group's revenues by 32 per cent and profits by 54 per cent. Over the 16 years of its investment, Electra has generated total proceeds of £74.5m, a multiple of 4.4x original investment and a compound IRR of 14 per cent per annum.
Mannington Mills, based in Salem, New Jersey, was founded in 1915, and manufactures laminate, hardwood and porcelain tile floors, as well as commercial carpet and rubber.
Russell Grizzle, president and chief executive of Mannington Mills, said that operations at all Amtico locations will continue.