Engineered Floors Inks Agreement to Purchase Assets of Beaulieu
Dalton, GA, September 20, 2017-Engineered Floors reports that it has reached a letter of intent agreement in principle to buy “substantially all of the operating assets of Beaulieu Group, LLC.”
The transaction will be contingent on approvals through the bankruptcy court and due diligence processes. According to the firm, the transaction is expected to close in the fourth quarter of this year, pending governmental approvals.
On July 17, Beaulieu filed for Chapter 11 bankruptcy. The firm, with estimated annual sales of approximately $350 million, is a major carpet producer in both the residential and commercial markets, and it also sells hard surface flooring.
It serves the hospitality market under the Aqua brand, and the contract commercial market under the Bolyu brand. On the residential side, the firm is a major producer of polyester and nylon broadloom. At its peak in 2005, the firm had sales of $1.125 billion.
Engineered Floors, founded in 2009 by Bob Shaw, has quickly grown into the third biggest carpet mill, with estimated 2016 sales of $659 million. The firm has a strong position in the multifamily market, and it serves the residential market through distribution under the Dream Weaver brand. In April 2016, the firm acquired J+J Flooring Group, a commercial carpet specialist with sales of approximately $140 million. And last summer the firm launched its Pentz mainstreet division.