Rutland Partners has agreed to sell Interfloor Group, a UK based manufacturer of carpet and laminate underlay, in a secondary buyout to an MBI team backed by European Acquisition Capital (EAC) for a consideration of £84.1m.
Rutland made a 2.5x return on the exit, more than three years after it former the company through the simultaneous acquisitions of Duralay from Cinven and Gates Consumer and Industrial from Tomkins plc for a combined price of £60m. Rutland pumped in £21.2m of equity into the deal.
The sale is the second full disposal by the Rutland Fund, coming almost three years after its first exit, the sale of Edinburgh Woollen Mill in November 2002. Rutland Fund is a £210m fund which closed in March 2001; to date, approximately two-thirds has been invested.
EAC have made their acquisition through EAC Fund III, which closed at E224m in August 2002.