vinyl flooring

Tower Three Buys Parterre Flooring Systems

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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

Century Park Acquires Better Life Technology

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Century Park Capital Partners has acquired Better Life Technology, a maker of specialized vinyl flooring products.

Better Life Technology (BLT) is a manufacturer, designer, marketer and distributor of specialized vinyl flooring products and printing substrates that are used in multiple end markets by residential consumers as well as original equipment manufacturers of marine and transit products.

BLT’s main product is G-Floor vinyl flooring which features a ribbed channel design which contains dirt and liquids commonly found in garages. G-Floor is distributed throughout the US and internationally through big box retail stores. BLT has expanded the G-Floor product line and introduced other vinyl flooring products which have been adopted as the standard in certain segments of the boating and transit industries. BLT was founded by Don & Brett Sneed in 1998 and is headquartered southwest of Kansas City in Lenexa, KS (www.bltllc.com).

“After developing BLT for the last 17 years, I am excited to partner with Century Park to take the company to the next level. We have many opportunities for growth, and with Century Park’s experience and industry contacts, the sky’s the limit,” said Mr. Sneed, who will continue to serve the President of the company.  Jerry Herbert, the current Chief Operating Officer of BLT, will also remain in his current role.

“The team at BLT has done a great job developing the market for vinyl garage flooring and expanding the company’s products into other growing end markets,” said Chip Roellig, Managing Partner with Century Park.  “Brett and Jerry are a great team and we are excited to work with them to accelerate the company’s growth in the coming years.”

Century Park Capital Partners invests from $10 million to $50 million in middle-market companies that have revenues of $20 million to $100 million and EBITDA of $4 million to $15 million.  Sectors of interest include chemicals, medical products and services, business services, industrials, and consumer products. The firm is based in Los Angeles (www.centuryparkcapital.com).

Irvine CA-based OpusBank (www.opusbank.com) and Pittsburgh-based PNC Mezzanine Capital (www.pncmezzanine.com) provided the debt financing for the transaction. NextGen Capital was the financial advisor to BLT.

© 2015 PEPD • Private Equity’s Leading News Magazine • 7-15-15