Milestone, Hutton Collins exit Interfloor in trade sale

Victoria placed around £35.8m worth of shares, in addition to an £8.75m conditional placement and banking facilities, to finance the acquisition.

Milestone (then European Acquisition Capital) backed the £84.1m secondary buyout of Interfloor from Rutland Partners in 2005. The private equity house invested £20m for a majority stake in the carpet and laminate underlay manufacturer. Kaupthing Bank supplied a debt package to support the deal, which consisted of a £20m A-tranche, a £20m B-tranche, a £15m C-tranche and a £10m revolver. The financial structure of the deal also included a £12m mezzanine strip from Hutton Collins.

The business underwent a £20m refinancing in 2011, extending facilities with its lenders to 2014. In February this year, Crescent Capital supplied a unitranche facility to refinance and recapitalise the business. As part of the transaction, the company also refinanced the mezzanine facility initially provided by Hutton Collins, which remained minority shareholder.

Company
Established in 2002 but with roots dating back to the 1940s, Interfloor is a manufacturer of carpet underlay, primarily trading via the Treadaire and Duralay brands. It also supplies related flooring accessories under the Gripperrods and Stikatak brands. Based in Haslingden, it caters to around 1,900 clients and most recently posted a £72.3m turnover with EBITDA of £10m.

People
Phil Reeder is executive chairman of Interfloor.

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Hutton Collins
• Milestone Capital
• Trade sale