Public Press Release
SOUTHLAKE, Texas and IRVING, Texas – November 4, 2009 – Insight Equity Holdings LLC (“Insight”), the Dallas, Texas-area private equity firm, is pleased to announce that its portfolio company Sportexe Holdings LLC has sold its subsidiary Sportexe Construction Services, Inc. (“Sportexe”) to Shaw Industries Group, Inc. (“Shaw”), a subsidiary of Berkshire Hathaway. Sportexe is one of the nation’s leading designers, manufacturers and installers of synthetic turf for athletic field and specialty applications. Through Sportexe Holdings LLC, Insight will retain its ownership of AvTurf, LLC, the country’s leading supplier of synthetic turf systems for use in aviation applications.
Robert Strauss, a Principal at Insight, commented, “Sportexe was an ideal acquisition for Shaw as they look to expand their burgeoning presence in the sports turf marketplace. The combination of the Sportexe synthetic turf platform with Shaw’s deep expertise in manufacturing, distributing and installing carpet will create significant synergies and establish a new turf platform with truly unmatched financial and technical resources. This transaction will only serve to accelerate the rapid consolidation we’ve observed in the synthetic turf industry over recent years.”
Ted Beneski, CEO & Managing Partner of Insight, stated, “We are very pleased to have created yet another liquidity event for our investors despite today’s extraordinarily difficult market environment. This transaction marks the third distribution to Insight investors in 2009 and is just another example of Insight’s ability to execute transactions in challenged or difficult situations.”
“Insight has been a true partner to Sportexe over the last several years,” said Stephen P. Noe, President & CEO of Sportexe, “and has been instrumental in providing the capital and operational know-how that were necessary to make the drastic operational improvements we’ve implemented since 2007. These improvements instituted under Insight’s ownership were ultimately what positioned Sportexe for this successful sale to Shaw.”
About AvTurf, LLC
AvTurf, LLC (www.avturf.com), a portfolio company of Insight Equity through Sportexe Holdings LLC, is the world’s leading supplier and installer of synthetic turf systems for use in aviation applications. AvTurf, LLC has recently completed installations at many of the world’s largest airports including Madrid Barajas International (MAD), Detroit Metro Wayne County International (DTW), John F. Kennedy International (JFK), Baltimore-Washington Thurgood Marshall International (BWI) and Boston Logan International (BOS).
About Sportexe Construction Services, Inc.
Sportexe Construction Services, Inc. is a leading developer, manufacturer and installer of indoor and outdoor synthetic turf systems for use in a variety of sporting applications, including football, baseball, soccer, field hockey, rugby, and lacrosse. Over the past two decades, Sportexe has provided fields to organizations such as the New York Jets, San Francisco 49ers, Baltimore Ravens, New Orleans Saints, Buffalo Bills, University of Pittsburgh, LSU, University of California, University of Arkansas and many others.
About Insight Equity Holdings LLC
Insight Equity (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight Equity specializes in partnering with companies in complex and challenging situations, including corporate divestitures, bankruptcies, restructurings, and private family ownership. The firm leverages a proven, collaborative value creation model to facilitate operating enhancements and growth.
About Shaw Industries Group, Inc.
Shaw Industries Group, Inc. (www.shawfloors.com), a subsidiary of Berkshire Hathaway, Inc., is the world’s largest carpet manufacturer and a leading floor covering provider with more than $5 billion in annual sales and approximately 26,000 associates. Headquartered in Dalton, Ga., the company manufactures and distributes carpet, rugs, hardwood, laminate and ceramic tile for residential and commercial applications worldwide.