Interface signs definitive agreement to acquire nora systems for $420M
Interface announced it has signed a definitive agreement to acquire nora systems in a stock purchase transaction valued at approximately $420M. Nora is a privately held company that is majority owned by investment firm Intermediate Capital Group, or ICG. Nora's annual revenues are approximately $280M. Interface expects to close the transaction during Q3, subject to regulatory approvals and other customary closing conditions. This acquisition will expand Interface's flooring portfolio and increase its penetration into segments including healthcare, life sciences, education and transportation. Nora has built a specified selling organization that provides reach into approximately 80 countries around the world. The nora acquisition, when completed, is expected to be accretive to Interface's margins and adjusted EPS. Nora is anticipated to increase the company's adjusted EPS, a non-GAAP measure, 3c-6c, and 15c-20c in 2019.