Carlyle completes takeover
Five weeks after it was identified as the most likely buyer of loss-making carpet group Brintons, investment firm Carlyle has completed the takeover, ending 228 years of family ownership.
Carlyle is understood to have paid Brintons’ £18m of debts and invested the same again to fund the group, including the completion of its China factory.
As part of the deal, Brintons’ pre-2002 pension fund has been offloaded to the taxpayer funded Pension Protection Fund.
Don Coates, Brintons md said the group had received more than 30 approaches and that the deal ‘ensures the continuation of the business and survival of a renowned British brand. The company was impacted by the unprecedented challenges faced by carpet manufacturers during the economic downturn, which disrupted our plans for the business.’