A portfolio company of H.I.G. Capital, Lexmark Carpet Mills has completed the acquisition of Northwest Carpet—a manufacturer of solution-dyed broadloom carpeting for the hospitality industry since its inception by president Randy Coker in 1977.
“We are excited to partner with Lexmark,” says Coker. “The combination will allow us to expand our product offerings, design capabilities, and custom options, reduce our lead time, and ultimately better serve our customers.” “Northwest represents an attractive acquisition as we continue to grow our business,” says Todd White, CEO of Lexmark. “There are significant synergies and opportunities to enhance our design and service capabilities for our customers.”
Though Lexmark also specializes in residential and niche commercial applications, both companies bring with them decades of combined hospitality carpet experience and plan to continue their work in this sector.
“Northwest is an industry leader with a long track record of producing high quality, design-focused broadloom carpet targeted exclusively at the hospitality market,” says Ricky Stokes, managing director of H.I.G. Capital, a private equity investment firm. “Northwest and Lexmark are highly complementary businesses. We are pleased to support the team in their growth and continued success.”
