Carpet maker Brintons snapped up by private equity group

The company has been sold to funds managed by American company Argan Partners LP, in partnership with senior management at Brintons, by asset manager The Carlyle Group.

The deal sees 100 per cent of Brintons, which has operations at Kidderminster and Telford, snapped up for an undisclosed sum.

Argand managing director Tariq Osman said: “We were attracted by Brintons’ leading market position within the global luxury carpet market.

"Brintons has a long history of selling award-winning carpet that utilizes the highest quality British wool and their own proprietary manufacturing technology, making it uniquely capable of meeting demand for custom-designed, durable and upscale flooring at a competitive price and within tight delivery timelines.

"To find such qualities in an iconic brand like Brintons was rare. Supported by our investment and growth strategies we look forward to partnering with the Brintons management team to build an even stronger business in the future.”

Brintons chief executive Duccio Baldi added: "We now look ahead to this exciting new chapter, continuing Brintons’ tradition of high quality manufacturing, and working with Argand to build the brand further.

"As chief executive I look forward to working with Tariq and his team as we continue to invest and expand from the successful platform we have built."

The deal comes a month after Brintons announced it was to cut 60 jobs at its Kidderminster factory, leaving 53 workers on the operational side of the site and 89 at its head offices.

That was expected to see about 10 to 15 jobs moved to the Telford operation at Halesfield.

Brintons makes carpets in the UK, Poland, Portugal and India, employing a total of 1,800 staff.

The Carlyle Group bought it in September 2011. Its earnings after tax soared 81 per cent to £14.5 million in the 12 months to October 1, 2016. It is forecast to at least match that performance this year.

Argand is a middle-market private equity firm based in New York and San Francisco.

Ian Jackson, managing director and co-head of Carlyle Strategic Partners Funds at The Carlyle Group, added: “Brintons has been a solid investment for us, performing strongly over the last five years in a competitive global market.

"We have invested significantly in product innovation, opening new international markets and building a global talented leadership team who continue to deliver outstanding results and growth in both revenues and market share.”