Interface Sells Bentley Prince Street for $35M

Atlanta, GA, July 25, 2012 -- Interface said that it has entered into a definitive agreement to sell its Bentley Prince Street division in a transaction valued at $35 million.

Bentley Prince Street will be sold to Dominus Capital, a private investment firm, in partnership with Bentley Prince Street President Anthony Minite and other members of the company's senior management team.

The transaction is expected to close in the coming few weeks.

Interface said the sale will allow it to focus management and business strategy entirely on its core modular carpet business, while strengthening its balance sheet.

As an independent company with sales in excess of $100 million, Bentley Prince Street will be positioned as the largest California-based commercial carpet company continuing to offer broadloom, carpet tile and area rugs.

Los Angeles-based Bentley Prince Street has been a part of Interface since 1993. Bentley was merged with Prince Street Technologies, another Interface subsidiary, in 2002, when broadloom operations were consolidated on the West Coast.

"Bentley Prince Street has the distinction of being an iconic brand in the marketplace," said Dan Hendrix, chairman and CEO of Interface.

"Anthony and his team have contributed a great deal to our company's success, and in particular, to our sustainability journey."

Bentley Prince Street will continue to operate in California under the leadership of Minite, who now assumes the additional role of CEO. Minite said that daily operations will continue as normal.