Today, Atlanta-based Interface, a global commercial flooring manufacturer, announced it has signed a deal to acquire Nora Systems, a leading manufacturer of rubber flooring. Under the agreement, Interface will acquire Nora in a stock purchase valued at roughly $420 million.
Founded in 1938 in Weinheim, Germany, Nora Systems is a privately held company owned by investment firm Intermediate Capital Group. With more than 1,000 employees worldwide, Nora's annual revenue is estimated at approximately $280 million. This acquisition deal will expand interface's portfolio and increase its footprint in other industries, including healthcare and education.
“Together with Interface we are able to offer an even wider range of products and services to our customers,” said Andreas Mueller, CEO and managing director of Nora Systems, in a press release. “Here we see a lot of synergies in different market segments as well as in geographic regions, where we are currently not active.”
“The Nora acquisition is expected to accelerate our growth strategy by expanding our product portfolio and extending our reach in the performance flooring category of resilient flooring,” said Interface CEO Jay Gould in another press release. “More importantly, we believe the Nora team has put the right focus on design, sustainability, and performance of their products, which aligns with Interface’s brand, purpose, and values.”
Subject to regulatory approval and closing conditions, the transaction is scheduled to close during the third quarter of this year.
