KIDDERMINSTER, ENGLAND—Brintons, a global manufacturer of woven carpets for residential and commercial applications, has been purchased out of administration by the Carlyle Group, under a new company—Brintons Carpet’s Ltd.—set up by the Washington-based global alternative asset manager/equity firm.
Brintons received a significant cash investment from Carlyle as part of the transaction, which stabilizes the business and allows management to re-position Brintons for a return to profitability and future growth.
Carlyle’s investment will enable Brintons to extend its international expansion. As a fully integrated and global organization, Brintons will be better positioned to serve its global customer base and compete for larger commercial contracts in Asia- Pacific and the West Coast of America, noted Jonathan Young, CEO of Brintons Carpets Americas. “Brintons has a long and successful history however, at this time, it has been necessary to seek outside financing to stabilize the long-term future of the company, including investment in the next generation of manufacturing technology.
“Carlyle’s strategic involvement and international network combined with our global reputation for quality and innovation will set the company back on track for long-term profitable growth,” he explained. “We will be able to further invest in our world class manufacturing capabilities including our new High Definition Weave tech- nology.”
Financial details of the transaction weren’t disclosed.
Brintons has been family-owned for more than 200 years and supplied its high end carpet to venues such as Buckingham Palace and the Indira Gandhi International Airport in Delhi. The company currently has facilities in the U.K., India and Portugal. The company was hit hard during the economic downturn, which eventually forced it into bankruptcy.
“Brintons is a global brand with a long heritage that is recognized for its quality, design and unique technology,” said Ian Jackson, director at Carlyle. “We look forward to supporting Brintons’ management team to facilitate international expansion and enable the company to reach its full potential.”
Carlyle Group has $153 billion in assets under management and is best known for its large buyouts such as U.S. Bank United. It also invests in distressed assets and invests in the debt and equity of these companies via its Carlyle Strategic Partners fund, which is part of its Global Market Strategies division. Its investment in Brintons will be made from this fund.
The deal has saved 700 jobs in the region and 1,000 more globally. The U.S. takeover wipes out £20 million of debt and guarantees a further £20 million of investment but severs the Brinton family ties after 228 years.