Norwest Equity Partners Announces Investment in Stanton Carpet
Norwest Equity Partners (NEP), a middle-market investment firm, has announced that it has made a significant majority investment in Stanton Carpet Corporation, a distribution company offering a variety of decorative high-quality, branded soft floor covering products for the residential market.
Norwest Mezzanine Partners provided the mezzanine financing for this transaction, and additional financing was provided by GE Antares Capital, PNC Capital Markets, and NXT Capital.
Founded in 1980 by Sy Cohen, Stanton was built on the mission to create a brand synonymous with style and value for the decorative market. Offering award-winning brands, including Stanton Carpet, Royal Dutch Carpets, Antrim, and Rosecore, Stanton maintains an active base of more than 3,500 customers comprised of independent retail floor showrooms, architecture and design firm showrooms, and catalog and Internet retailers.
Todd Solow, NEP partner and Stanton board member, stated, “Stanton is a great fit with NEP’s investment strategy in the distribution industry, and we believe it is an excellent time to invest in the company as it should benefit from the improving health of the housing and renovation market. Stanton provides tremendous value to its customers by providing excellent customer service and a differentiated sales and distribution model. With a proven track record of introducing new products and entering new markets, Stanton is well-positioned to grow, expand, and gain market share.”
“As a 30-year old family-owned business, our investment partnership with NEP marks an exciting time for Stanton. NEP has tremendous experience with investing in family-run businesses as well as significant industry expertise and resources in the distribution sector. On behalf of the Stanton team, we look forward to working closely with NEP,” stated Sy Cohen, Stanton founder and CEO.
BB&T Capital Markets served as financial advisor to Stanton on the transaction. Prior to NEP’s investment, Stanton was a portfolio company of Linsalata Capital Partners, a private equity firm based out of Cleveland, OH.