WFCF Closes $50MM Refi With Kraus Carpets
The Kraus Group of Companies announced it secured a $50 million funding line with Wells Fargo Capital Finance. The company said the funding comes on the back of a strong first half performance that has shown carpet sales up 2%, and a return to profitability during H1/13.
During the first six months of 2013 the Kraus Group launched 27 new carpet styles, with a further 11 ranges of hard surface product being launched in the second half of 2013. This represents a complete refresh of the Kraus’s range, representing a doubling of the usual levels of new product launches. Early indications suggest these ranges have resonated well with the consumer, with the vast majority of them performing ahead of forecast.
Steve Malinowski, CEO, commented, “My first six months at Kraus have been tremendous, it has been great to get out into the field and meet our employees and our customers, and it is clear there is a real desire for Kraus to succeed. With our improved ranges, customer service and inventories our performance to date is just the tip of the iceberg, I am confident that the second half of 2013 will surpass expectations.”
The Kraus Group is one of the largest integrated carpet and flooring manufacturers and distributors in North America with facilities throughout Canada, the U.S. and Australia.