AAC Capital UK sells Amtico to Mannington Mills

Cecilia Bergamaschi
06 March 2012

Tweet
Facebook
LinkedIn
Google plus
Send to

AAC Capital UK has sold Amtico Group, an international designer and manufacturer of high end flooring, to Mannington Mills, a US-based provider of branded flooring products.

AAC bought a 56% stake in Amtico from Electra for £98.25m in August 2006. Electra rolled over a proportion of its proceeds to take an 18% stake through its Electra Investment Trust vehicle.

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.

Company
Founded in 1964, Amtico produces flooring products for residential and commercial interiors. The company employs 600 people operating from its headquarters in Coventry, UK and facilities in Madison and Conyers, both in the US.

Advisers
Vendor - PricewaterhouseCoopers (Financial); CMS Cameron McKenna (Legal).
Equity - Baird (Financial); KPMG (Financial); Pepper Hamilton and Stevenson Harwood (Legal).