MINNEAPOLIS, MN--(Marketwired - November 22, 2016) - Norwest Equity Partners ("NEP"), a leading middle market investment firm, has announced the sale of its portfolio company, Stanton Carpet Corporation ("Stanton" or the "Company"), a leading value-added distributor of premium soft flooring products. Quad-C Management, a middle market private equity investment firm, acquired Stanton on November 21, 2016. Financial terms were not disclosed.
Headquartered in Syosset, New York, Stanton was founded as a family business in 1980. With the Stanton, Antrim, Royal Dutch, Atelier, Rosecore and Crescent brands, the Company has grown to be recognized as one of the nation's leading designers and distributors of decorative, high-quality branded carpet and custom rugs and runners. The Stanton family of brands are available through approximately 4,000 retail partners nationwide, including independent retail floor showrooms, trade showrooms and home furnishing retailers. Stanton currently employs more than 100 people.
NEP worked closely with the Stanton management team over the last four years to achieve robust growth and position the Company for future success. Key growth initiatives were strategically focused on the continued build out of award winning products and brands, including the recent acquisition of Crescent Carpet, the expansion of the Company's sales force, international supply partners, and showroom and retail partners. Stanton recently completed the construction of a new distribution facility in Calhoun, Georgia to support current and future growth.
Todd Solow, NEP Partner, stated, "Stanton has continued to offer a compelling value proposition to its customers through its ability to develop, design, and source products from a global network of suppliers. The Company has a strong operating profile and has proven its ability to accelerate strong growth over the last few years. It has also realized significant expansion of its product portfolio, penetration of new markets, augmentation of its sales force productivity, and the optimization of its supply chain."
Jonathan Cohen, Stanton CEO, stated, "NEP's investment positioned us to continue bringing our mission of delivering the finest in decorative soft floor coverings with a dedication to quality, value and service to life. We've established a terrific track record year after year, and we are excited for continued success in the future."
Sy Cohen, Stanton Founder and Chairman, shared, "NEP has been a true partner to the Stanton team, sharing their tremendous family business and distribution industry experience, while also helping to align our Company with the right resources to help us grow and outperform expectations. We have thoroughly appreciated NEP's guidance and partnership over the last four years."
NEP has been investing in growing, profitable, and scalable middle market companies since 1961 and has deep experience working with industry-leading distribution companies, including Bix Produce, Momentum, Lindstrom Metric and Imperial Supplies.
"Stanton was a great fit for our firm's distribution investment strategy. It has been rewarding to work in partnership with the management team as they collaboratively exhibit best-in-class leadership and a stellar focus on both operational and customer-facing capabilities. A unique sourcing strategy and sales driven culture also help differentiate Stanton within its industry," stated Andy Cantwell, NEP Partner.
BB&T Capital Markets served as financial advisor to Norwest Equity Partners. Winston & Strawn LLP served as legal advisor to Stanton.
For more information, visit stantoncarpet.com and nep.com.