Interface to Acquire Nora
Atlanta, GA, June 14, 2018-Interface has signed a definitive agreement to acquire Nora Systems in a stock purchase transaction valued at approximately $420 million.
Nora, a rubber flooring manufacturer that serves the global market, is a privately held company that is majority owned by investment firm Intermediate Capital Group .
Nora's annual revenues are approximately $280 million. Interface expects to close the transaction during the third quarter of 2018, subject to regulatory approvals and other customary closing conditions.
This acquisition will expand Interface's growing resilient flooring portfolio and increase its penetration into high growth segments including healthcare, life sciences, education and transportation. Nora is the leader in the nearly $1 billion rubber flooring category of the $34 billion global commercial flooring industry. Rubber flooring is ideal for applications that require hygienic, safe flooring with strong chemical resistance, and it is extremely durable compared to other flooring alternatives. Nora is considered the leading premium brand and has built a specified selling organization that provides reach into approximately 80 countries around the world.
"We believe our value creation strategy is working in the marketplace as we better serve our customers with an expanded product portfolio and an enhanced selling system. Customers want a single flooring solution provider that can deliver a range of options that meet their requirements in different commercial applications. The Nora acquisition is expected to accelerate our growth strategy by expanding our product portfolio and extending our reach in the performance flooring category of resilient flooring," said Jay Gould, CEO of Interface. "More importantly, we believe the Nora team has put the right focus on design, sustainability, and performance of their products, which aligns with Interface's brand, purpose, and values. We are excited to combine the Nora team with the Interface family so that together we can continue to create value for our key stakeholders including our customers, employees, investors, and the environment."