A South Wales-based carpet products business has been acquired following a decision by US-owned Tandus Group, Inc to seek a purchaser for its UK subsidiary Tandus Europe Ltd.

The sale was part of the company’s previously announced intention to consolidate its international manufacturing to primary regions in North America and China.

The purchaser, Interior Projects Solutions Limited (IPS) Ltd, will continue to manufacture carpet products at the plant in Abertillery, Blaenau Gwent, for distribution throughout Europe.

"After careful consideration it was determined that the sale of Tandus Europe Ltd was in the best interest of both the company and its Wales-based employees," said Leonard F Ferro, Chief Financial Officer, Tandus.

Under a separate agreement the purchaser will be the exclusive distributor of the company’s products, under the Monterey, C&A and Crossley brand names, in several European countries.

Interior Projects Solutions was represented by Paul Hardman and Mark Gilder of Morgan Cole's corporate finance team, while colleague Toby Tyler provided specialist competition law advice. Financial advice was provided by Paul Byett of Peacheys Chartered Accountants, Newport.

Paul Hardman said, "This is a good news story about the Tandus Europe factory and distribution warehouse in Abertillery."

"By working solidly for several days with the new owners, we were able to complete the deal and keep the factory going."

"The purchaser is a Belgian national and we had to do the deal whilst he was negotiating and travelling to and from home and the factory - at one point we spoke to him in four different countries in the same day."

Paul Byett, Corporate Services Partner at Peacheys, said, "We were delighted to be involved in a deal that helps to sustain jobs and input into the local economy.  The good new story is that this Welsh based manufacturer is so attractive to an excellent company such as IPS."

Eric Roelandt, CEO of IPS Ltd, said the quality of professional advice enabled the deal to be completed in the short time frame available.

For further information contact Johnathan Rees or Paul Hardman on 029 2038 5385 or Neil Jones at NJA PR on 029 2069 2109.