Homemaker, established in 1945, is the world's largest manufacturer of braided rugs. Homemaker operates rug manufacturing facilities in Charleston, S.C., Athens, Tn., and Newport, Tn., and also has executive offices in New York. Advent International is a global private equity investment firm based in Boston.
The financing included $57.5-million of syndicated senior credit facilities, $18-million of senior subordinated notes with warrants and $2-million of redeemable preferred stock. FUCMC served as sole arranger of the senior credit facilities and as sole placement agent for the senior subordinated notes with warrants and for the redeemable preferred stock.
"First Union is committed to providing its clients the complete range of integrated capital markets solutions," said Mark Mahoney, managing director and head of FUCMC's Investment Banking Group. AThis transaction reflects First Union's capabilities to produce superior execution through external and internal teamwork while underlining our ability to provide merger and acquisition advisory, mezzanine financing and senior debt."
Homemaker manufactures a wide array of area and accent rugs used in a variety of home settings including bedrooms, dens, kitchens and bathrooms. Homemaker also imports woven, hooked and rag rugs, along with mats and other home furnishing products.
"We were very pleased to add Homemaker to our portfolio of consumer products businesses," said David Mussafer, partner at Advent International. "Homemaker is our fifth major investment in this sector, and the company fits well with our strategy to build niche manufacturing companies by pursuing selected acquisition opportunities and by expanding capital reinvestment."
Advent International was formed in 1984 to make leveraged buyout and expansion capital investments worldwide. The firm manages $2 billion of equity capital and has more than 70 investment professionals working in 13 offices worldwide. Advent has sponsored more than 30 buyout transactions in a broad range of industries including consumer products, specialty chemicals, cable media, and publishing and specialty retail.
FUCMC offers a broad range of products and services to private equity and corporate clients including merger and acquisition advisory, private placements, loan syndications, high-yield debt finance and asset securitization.
First Union Corp. provides financial products and services to more than 12 million corporate clients and retail customers nationwide. First Union is the nation's sixth-largest bank holding company with assets of $140 billion as of Dec. 31, 1996.
-- END --
Email This Page
Printer Friendly Version