McMinnville, TN, Apr. 8--Brentwood-based Harpeth Capital has helped sell McMinnville Manufacturing to privately held Columbia Flooring of Danville, VA for an undisclosed amount, according to the Nashville City Paper.
The McMinnville-based company had been owned by the Mullican family since 1916 and had been in continuous operation since 1878. It supplies about two percent of the nation's unfinished wood flooring. In 2003 it had more than $20 million in revenue.
Harpeth, a mid-market investment banking firm, has been heavily involved in acquisitions and raising capital for Nashville and Tennessee companies over the last few years.
Some of the deals include: raising $17.7 million for National Renal Alliance LLC, raising $24.5 million for HealthMont Inc. and raising $10 million in working capital debt for Liberty Fibers Corp of Morristown, Tenn. The company also structured the sale of X-Ray Temps Inc. of Brentwood to Mission Partners of Brentwood.
McMinnville Manufacturing was selected in part because of its strategic location, which places it close to large supplies of hardwood timber in middle Tennessee and surrounding states, according to Turney Stevens, chairman of Harpeth.
Columbia Flooring President David Wooten said the company plans to expand operations and add jobs at the plant.
"We are pleased with the purchase and believe McMinnville is a well managed company producing quality products," Wooten said.
