Brintons carpets acquired in deal of about £40m
A Midlands-based carpet firm says it has been acquired in a deal of about £40m to secure the company's future.
Brintons Carpets, which is based in Kidderminster, Worcestershire, has been bought out by The Carlyle Group.
The deal involves the company taking on about £20m in debt and investing about £20m, Brintons said.
The firm, which has been in the hands of the same family for more than 200 years, employs about 700 people in Kidderminster and Telford, Shropshire.'With confidence'
It was established by William Brinton in 1783 and manufactures carpets for the residential and commercial markets. The company employs about 1,670 people around the world.
Brintons managing director Don Coates said: "When we evaluated the 30 plus offers for the company this was by far the best and enables the company to move forward with confidence.
"If we had not taken this action the company would not have been able to continue trading."
He added the deal would allow the firm to complete its "state of the art Chinese manufacturing site".
Mr Coates said: "This deal will ensure that not only will the company have a viable future, but that it receives the required investment to compete in the global market.
"Carlyle's strategic involvement and international network combined with our global reputation for quality and innovation will set the company back on track for long-term profitable growth."