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Partial Interfloor exit for Rutland

Rutland has spun the Hunter Boots business out of Interfloor for an undisclosed sum. The Hunter Boots business is subject to a management buy-in, which is supported with equity from the management team and GLE Development Capital. Fortis Bank has provided debt on the deal.

Interfloor, the business from which Hunter Boots has emerged, was created in May 2002 by Rutland Fund Management when it was set up to acquire Duralay International Holdings, a manufacturer of underlay and other rubber products, from Cinven. Rutland paid £36m for the business. At the same time Rutland also used Interfloor to buy Gates consumer and industrial business from Tomkins plc for £24m.

Mark Slate leads the Hunter Boots management team. Slate is chairman of Ben Sherman and founder of the Caterpillar boots and clothes brand.