Sun Capital Partners Inc., an investment firm specializing in leveraged buyouts and turnarounds, said one of its affiliates agreed to buy the fabrics unit of floor-covering manufacturer Interface Inc. (IFSIA:US)
Shares rose 3.7 percent to their highest since July 1998.
The terms weren't disclosed. The InterfaceFABRIC unit, based in Grand Rapids, Michigan, is the biggest U.S. wholesale manufacturer of interior fabrics and upholstery for office furniture, Sun Capital said in a statement. The fabric is marketed under the brands Chatham, Teknit, InterfaceFABRIC, Guilford of Maine, Infinity and Terratex.
Sun Capital is based in Boca Raton, Florida. The company said its affiliates have managed and invested in more than 155 companies with sales of more than $35 billion since 1995.
Shares of Atlanta-based Interface rose 68 cents to $19.28 as of 4:30 p.m. New York time in Nasdaq Stock Market composite trading of 940,000 shares, twice the three-month average. The stock has gained 85 percent in the last year.
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