Tower Three Partners has acquired a controlling stake in Parterre Flooring Systems. No financial terms were disclosed. Based in Wilmington, Massachusetts, Parterre is a maker of luxury vinyl tile, plank and sheet flooring products.
GREENWICH, Conn., Sept. 6, 2017 /PRNewswire/ — Tower Three Partners (“Tower Three”), a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies, today announced that it has made a controlling investment in Parterre Flooring Systems (“Parterre” or the “Company”), a privately-held leader in the luxury vinyl tile segment of the flooring industry.
Founded in 1991 and headquartered in Wilmington, Massachusetts, Parterre was one of the first designers and manufacturers of luxury vinyl tile, plank and sheet flooring products in the United States. Since its inception, it has grown into the leading design brand in its category, with a national sales force and distribution across a broad range of end-use segments, including hospitality, retail, healthcare, multi-family and commercial real estate. The Company is uniquely positioned to meet the needs of its diverse customer base, offering more than 200 SKUs of proprietary stone and wood grain patterns and colors. In addition, Parterre has been honored with numerous awards for product design and quality, including ADEX Interior Design Best of Year; Buildings Magazine Editor’s Choice; and Floor Focus Magazine Favorite Resilient and Hard Surface Manufacturers.
T. Fred Roche, President of Parterre, said, “Over the past two years, Parterre has experienced significant growth, approximately doubling in size, and we were looking for the right investment partner to help us continue on this exciting trajectory. With a successful history in the premium home interiors industry and a proven track record of applying an operationally-focused approach to partner with entrepreneurs, we are confident that Tower Three has the right team to help us reach the next phase of our Company’s growth. We look forward to working together to continue to build our unique brand and customer experience to create and deliver long-term value.”
Peter Fitzsimmons, Managing Director of Tower Three, said, “We are thrilled to partner with Parterre, the clear leader in vinyl flooring products. With a strong brand identity, broad product line, loyal customer following and highly talented management team, Parterre is positioned for long-term growth. We look forward to working together as we expand Parterre’s position as a leader in the industry, accelerate the introduction of unique designs to the contract community and scale the business across geographies.”
William D. Forrest, Managing Partner of Tower Three, said, “We see tremendous potential in Parterre and believe this is an opportune time to facilitate the transformative growth of a proven business. We look forward to leveraging our experience helping companies broaden their infrastructure to support the continued growth of Parterre.”
Terms of the transaction, which was completed in August 2017, were not disclosed.
About Tower Three Partners
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience revitalizing businesses, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Tower Three Partners works collaboratively with the management teams of its portfolio companies to prioritize and implement transformative changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Its professionals are experienced in operational improvement, revenue acceleration and mergers & acquisitions. The firm has invested in a range of businesses, including retail, consumer, automotive and telecommunications.
For more information, visit our website at www.towerthreepartners.com or call 203-485-5800.
About Parterre Flooring Systems
Founded in 1991 and headquartered in Wilmington, Massachusetts, Parterre Flooring Systems is the leading design innovator of luxury vinyl tile, plank and sheet flooring with unsurpassed quality and performance. The company offers a broad selection of premium vinyl flooring products that authentically replicate the beauty of nature in wood and stone colors and designs, as well as metallic surfaces and other unique finishes. Parterre Flooring is asbestos-free, recyclable, constructed of post-consumer and post-industrial recycled content, environmentally safe, easily installed and affordable.