Wynnchurch Capital Sells Foss Floors
Wynnchurch Capital, L.P. ("Wynnchurch"), a leading middle market private equity firm, announced today the sale of Foss Floors ("Foss" or the "Company") to Mohawk Industries ("Mohawk"), a producer of floor covering products for residential and commercial applications in North America and residential applications in Europe.
Headquartered in Rome, Georgia, Foss is a leader and pioneer in non-woven needle punch floor coverings and specialty flooring products. With an unwavering commitment to environmentally sustainable and American-made manufacturing, the Company's products are produced in state-of-the-art, computerized production facilities in Rome and Chatsworth, Georgia. Foss uses 100% recycled PET polyester made from post-consumer plastic drinking bottles and is one of the world's largest needle-punch based manufacturers.
Neel Mayenkar, Partner at Wynnchurch, stated, "Foss represented an opportunity to invest in a company with a market leading product and service offering. We are pleased to have partnered with the management team and are proud of the growth and accomplishments achieved in partnership with management during our ownership period."
"Foss represented an opportunity to revitalize a company with a strong brand. We are very proud and appreciative of the team's leadership and accomplishments," added John Hatherly, Managing Partner at Wynnchurch.
"Wynnchurch has been a valued partner as we continued to build on our position as the leader in non-woven floor coverings. Wynnchurch provided tremendous support which helped grow the business and execute on our strategy," said A.J. Nassar, former CEO and Wynnchurch co-investor in Foss. "We are excited to embark on this new journey with Mohawk to continue to build on our product portfolio," added Brian Warren, President of Foss.
Stifel Investment Banking served as financial advisor and Perkins Coie and McDermott Will & Emery served as legal counsel to Foss and Wynnchurch Capital.
Wynnchurch is actively seeking investment opportunities for its $2.277 billion Fund V. In July, Wynnchurch acquired FCA, a leading manufacturer of customized industrial protective packaging solutions. Other recent Wynnchurch investments include: Mattress Warehouse, a leading independent mattress retailer with over 300 locations. Premier Franchise Management, the largest U.S. residential pool-build and pool-service franchisor; Appvion, a leading provider of specialty and high performance direct thermal coatings; and Owen, a leading provider of critical infrastructure equipment, aftermarket parts and services.
About Foss Floors:
Foss Floors, headquartered in Rome, Georgia, is a leader and pioneer in non-woven needle punch floor coverings and specialty flooring products. With an unwavering commitment to environmentally sustainable and American-made manufacturing, the Company's products are produced in state-of-the-art, computerized production facilities in Rome and Chatsworth, Georgia. Foss uses 100% recycled PET polyester made from post-consumer plastic drinking bottles and is one of the world's largest needle-punch based manufacturers. For more information, please visit: https://www.fossfloors.com.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California, New York and an affiliate in Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch's strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $5.3 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com.
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