Tower Three Partners has acquired Parterre Flooring Systems, a designer and manufacturer of vinyl tile, plank and sheet flooring.
Parterre’s product line of more than 200 SKUs includes a selection of vinyl flooring products that utilizes wood and stone colors and designs, as well as metallic surfaces and other finishes. Parterre’s products are recyclable and are constructed of post-consumer and post-industrial recycled content. The company’s products are used in corporate office, educational, healthcare, hospitality, multi-family, retail and sports applications. Parterre was founded in 1991 and is headquartered near Boston in Wilmington, MA (www.parterreflooring.com).
“Over the past two years, Parterre has experienced significant growth, approximately doubling in size, and we were looking for the right investment partner to help us continue on this exciting trajectory,” said T. Fred Roche, President of Parterre. “With a successful history in the premium home interiors industry and a proven track record of applying an operationally-focused approach to partner with entrepreneurs, we are confident that Tower Three has the right team to help us reach the next phase of our company’s growth. We look forward to working together to continue to build our unique brand and customer experience to create and deliver long-term value.”
“We see tremendous potential in Parterre and believe this is an opportune time to facilitate the transformative growth of a proven business,” said Managing Partner William Forrest. “We look forward to leveraging our experience helping companies broaden their infrastructure to support the continued growth of Parterre.”
“We are thrilled to partner with Parterre, the clear leader in vinyl flooring products,” said Peter Fitzsimmons, Managing Director of Tower Three. “With a strong brand identity, broad product line, loyal customer following and highly talented management team, Parterre is positioned for long-term growth. We look forward to working together as we expand Parterre’s position as a leader in the industry, accelerate the introduction of unique designs to the contract community and scale the business across geographies.”
Tower Three Partners is an operationally-oriented private equity firm that invests from $50 million to $150 million of equity in US-based middle market companies. The firm has invested in a range of businesses, including retail, consumer, automotive and telecommunications. Tower Three Partners is headquartered in Greenwich, CT (www.towerthreepartners.com).
© 2017 Private Equity Professional | September 6, 2017
