Tarkett Group, a manufacturer of flooring and sports surfaces and a portfolio company of KKR, has acquired Tandus Flooring, a US-based floorcovering designer and manufacturer. Tarkett Group is owned by the Deconinck family (50 percent) and private equity funds affiliated with KKR (50 percent).
Tandus is a manufacturer of modular carpet and higher-end broadloom and woven products. The company serves architects, designers, end-users and service providers in commercial markets in North America and Asia. The company has five production sites in the USA and Canada and one site in China to serve the Asian markets. Annual revenues in the most recent fiscal year were $340 million. The company has 1400 employees and is based in Dalton, GA (www.tandus.com).
Tarkett Group is a provider of flooring and sports surfaces. Some 9200 employees serve Tarkett’s customers in 100 countries and in 32 production sites. The company had revenues of EUR 2.1 billion in 2011. The acquisition of Tandus will allow Tarkett to expand into the commercial carpet business in North America and Asia Pacific. Tarkett is based in Nanterre, France (www.tarkett.com).
“This acquisition is aligned with our mission to enhance our customers’ return on investment and quality of life, now offering complementary solutions in both hard and soft surfaces,” said Michel Giannuzzi, Tarkett Group CEO. “Thanks to this strategic move, we will reinforce our position as a global leading flooring provider, extending our activities in the commercial carpet market in North America while further developing our footprint in the fast growing Asian markets. Leveraging the combined strength of Tandus and Tarkett, we will continue to grow faster than the market.”
Tandus has shown strong and profitable performance, continuously increasing its market share during the past five years. Tarkett and Tandus will continue to operate as separate entities within Tarkett’s North American division, maintaining current manufacturing, business operations and routes to market. Tandus’ President, Glen Hussmann, will continue to manage the business.
“We’re pleased and excited to be part of the Tarkett family,” said Mr. Hussmann. “Tarkett is a true global company with sizeable exposure in high growth developing countries. This can provide Tandus a solid base for international expansion. We and Tarkett share an aligned vision of the future and have common views on innovation and how to serve the customer. We believe this will create benefits for all of our customers.”
KKR makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. The firm has $62 billion in assets under management. In addition to its New York headquarters the firm has offices in Menlo Park, San Francisco, Houston, Washington DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai and Sydney (www.kkr.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-27-12
