Congoleum® Exits Voluntary Reorganization Proceedings
Congoleum®, one of America's oldest resilient flooring brands, founded in 1886, today announced that it has successfully completed its restructuring process as a privately held company. Through this process, the company has eliminated significant contingent liabilities and reduced its debt by more than $80 million dollars.
TRENTON, N.J., Nov. 30, 2020 /PRNewswire-PRWeb/ -- Congoleum®, one of America's oldest resilient flooring brands, founded in 1886, today announced that it has successfully completed its restructuring process as a privately held company. Through this process, the company has eliminated significant contingent liabilities and reduced its debt by more than $80 million dollars. Additionally, the company will benefit from an injection of capital from its investors and has closed on a credit facility through Wells Fargo. With an enhanced capital structure, Congoleum is well positioned to invest in its people and its manufacturing infrastructure, as well as product development and marketing.
"Today marks the start of a new era for Congoleum as an even stronger and more competitive company," said Chris O'Connor, chief executive officer of Congoleum. "With the completion of our financial restructuring and the support of our new owners, we have a significantly improved balance sheet and a dynamic capital investment program that will allow us to leverage our market position to fuel sustainable growth and value creation."
O'Connor continued, "I would like to thank our customers, vendors and business partners for their ongoing support throughout this process. I would also like to extend my gratitude to the more than 300 members of the Congoleum team for their unwavering commitment to meeting the needs of our customers throughout this process. It has never been more obvious that this group of people live and breathe our values of quality, teamwork and creative problem solving."
Congoleum's managing partners Tom McKay and Peter Venetis both agree, "Chris and the Congoleum team have made significant strides over the past few years to better position the company to compete long term. We are confident that we have the right management team and strategy to accelerate Congoleum's transformation, continue to capture market share and drive sustainable value creation."
Congoleum has a long and storied history as a market leader, driven by an entrepreneurial spirit and committed to excellence in design, quality and innovation. The invention of in-register embossing for sheet goods, the introduction of the world's first rigid and groutable LVT and most recently the launch of its patented, digitally printed, PVC-free Cleo family of products are but a few of the innovations that have not only driven the industry forward but have quite literally changed the way the world sees resilient flooring. "The future of the company has never looked so bright. We remain committed to being the consumer-centric company that has shaped the resilient flooring industry for more than a century," concluded Mr. O'Connor.
Media Contact
Meghan Malone, Congoleum, +1 (609) 584-3583, [email protected]
SOURCE Congoleum
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