SOURCE: New Stream Capital

November 20, 2007 09:00 ET

New Stream Capital Acquires Tarkett Wood

JOHNSON CITY, TN--(Marketwire - November 20, 2007) - New Stream Capital investment group today announced that it has acquired Tarkett Wood, the North American wood division of Tarkett International. The acquisition encompasses all North American prefinished wood operations. Tarkett Wood will now operate under the ArborCraft name, as a stand-alone, American-owned company.

Tarkett Wood was founded in 1898 as Harris Manufacturing. The company was known as Harris Floors throughout most of the 20th Century, before being acquired by Tarkett International in 1983.

With a rich heritage of quality behind it, ArborCraft is poised today as the third largest competitor in pre-finished wood floor manufacturing, the fastest growing segment of the flooring market. ArborCraft will continue to produce its domestic line of wood floors at its two facilities in Johnson City, TN, and in Montpelier, IN. ArborCraft's two main brands in the marketplace will be Harris and Floorcraft.

"This transaction marks a historic milestone for our employees, distributors and customers," said Robert Cooley, ArborCraft's Director of Operations. "New Stream Capital's investment and proven expertise credibly promises to help realize ArborCraft's full potential."

"We are excited about this investment, and we plan to grow this business by returning to the tradition of excellence that this company has come to symbolize," says Matt Galvez, managing partner of New Stream Capital.

The transaction was completed yesterday. Day-to-day operations will continue without interruption at all three facilities.

About Harris Manufacturing

Harris Manufacturing, which was founded by the late Allen Harris Sr. in 1898 as a small hardwood company, handcrafted persimmon golf club shafts before moving into flooring, but over the years, also produced company crafted cannon ramrods, broom handles and U.S. Army tent pins. Three generations of the Harris family drove the company into what is now considered to be a hardwood flooring tradition. Merging with Tarkett International in 1983 expanded its focus as part of an international, broader flooring company; it is now returning to its roots, as an American owned company, focused completely on Wood.

About New Stream Capital

New Stream Capital, based in Ridgefield, Connecticut, is a private investment firm focused on providing funding solutions for unique, complex and opportunistic transactions for a wide range of industries. These direct investments offer customized structured finance solutions for growth capital, working capital, acquisition, project finance, regulatory capital and other specialty finance opportunities. (www.newstreamcapital.com)

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