London, England, July 11, 2006--Flooring manufacturer Amtico, according to a report from INS News, is in exclusive talks to sell itself to the private equity arm of Dutch bank ABN Amro for GBP100 million.
The Dutch are understood to have fought off competition from Hermes Private Equity, which invests on behalf of the BT Pension Scheme and the Royal Mail Pension Plan, and Legal & General Ventures.
Coventry-based Amtico, which employs 800 and counts Marks & Spencer and WH Smith among its customers, was put up for sale by Electra Partners in April.
Electra had backed the GBP52.8 million 1995 buyout of the company.
Close Brothers Corporate Finance was appointed by Electra to conduct a strategic review, which considered a trade sale, a stock market flotation, and a sale to a private equity firm.
Amtico was expected to attract significant attention from trade buyers because it incorporates two separate businesses--one for corporate clients and another for homeowners. But the price became too high.
The company, which made profits of GBP8.7 million on turnover of GBP80 million in the year to the end of March 2005, operates in Britain, France, Sweden and the United States.
