New York, NY, June 15--Carl Marks Advisory Group LLC has announced the closing of the final divestiture of The Invironmentalists' commercial flooring division, the nation's largest commercial flooring sales, installation, and maintenance company, as well as the exclusive provider of DuPont's ResisTech cleaning chemistry.
The final transaction in this divestiture closed on June 7, 2005, in a transaction with Commercial Flooring Services, LLC, of Circle Mound, Minneapolis, an acquisition company formed by an equity group comprised of both local branch management and a local business executive in order to acquire the assets of The Invironmentalists' Minneapolis location.
The divestiture of The Invironmentalists commercial locations is part of a previously announced business strategy by INVISTA S.a. r.l. that called for a return to local ownership of its sales, service, installation and maintenance operations.
CMAG served as the advisor to The Invironmentalists in the management and divestiture of its owned commercial locations nationwide. CMAG advised The Invironmentalists on the divestiture of its 42 other owned locations in a total of 26 transactions during the last 12 months.
"I am very pleased that we have been able to successfully transition ownership of our commercial flooring business to a combination of former branch managers and local entrepreneurs," stated Tim Durkin, CEO of The Invironmentalists. "We believe that these transactions will allow Invista to be more focused on its core businesses, while facilitating the opportunity for our commercial division to continue providing their flooring customers with outstanding service and value," Durkin added, "This process created a unique set of challenges, which Carl Marks' integrated advisory approach helped us navigate successfully as a team effort."
