Lakeland, FL, Nov. 13--A private, Washington, D.C.-based merchant bank has purchased Florida Tile Industries Inc. from Illinois Tool Works Inc., according to the Lakeland, Florida, The Ledger.
Gene Weil, the managing director of Milestone Merchant Partners, said Tuesday its relatively new investment fund, MMP Capital Partners, purchased the Lakeland company.
Founded in 1954 by Jimmie and Leon Sikes, the company is the secondlargest producer of glazed ceramic tile in America.
"Our objective is to buy controlling stakes in underperforming companies, and work with them to make them better performing companies," Weil said.
Matthew Galvez, a managing director of Milestone, has been named president and chief executive officer of Florida Tile. Scott Fullerton, most recently president of AMF Reece Inc., a multinational manufacturing company, has been named chief operating officer.
Nancy Stanley-Crowson of NissenRupp Public Relations said Bob Williams of Illinois Tool Works is no longer CEO and president of Florida Tile. Williams remains employed with Illinois Tool Works.
The rest of the company's management team will remain in place, she said. The new executive team will work closely with the existing team. "Right now, the executive managing staff is staying in place, and they are excited about the future," she said.
Illinois Tool Works, of Glenview, Ill., put Florida Tile on the market in 2001. About 122 people are employed at its Lakeland site, at 1 Sikes Blvd., across from Lake Wire.
Florida Tile has two other manufacturing facilities, in Georgia and Kentucky. There are about 746 total employees.
Murry Gunty, managing director of MMP Capital Partners, said in a prepared statement, "We are very pleased to conclude this purchase, and enthusiastic about the Florida Tile brand. With a long history of excellent customer service and innovative design, we believe that Florida Tile has a bright future as a standalone company."
Employees at the Lakeland Florida Tile site were told about the purchase late Monday afternoon.
Weil said no decisions have been made about Florida Tile's future. "We're looking at all the options, and have made no decisions yet," he said.
