Parterre Flooring Systems, a privately-held leader in the luxury vinyl tile segment of the flooring industry, today announced that Ralph Grogan has been named Chief Executive Officer, effective immediately. T. Fred Roche will remain with the Company as a member of the Board of Directors and will maintain an equity interest in the Company.
Mr. Grogan brings more than 30 years of experience in the flooring industry. He most recently served as President and Chief Executive Officer of Bentley Mills, a premier modular carpet tile, broadloom and area rug manufacturer. At Bentley, Mr. Grogan oversaw all aspects of the company's sales and marketing efforts and led momentous revenue expansion. Previously, he served as Vice President of Business Development and Strategy for Antron and Chief Operating Officer of Tandus Flooring.
"I am pleased to join Parterre at an exciting phase in the Company's development," said Grogan. "I share Parterre's passion for the growing luxury vinyl tile flooring segment and look forward to working with the talented management team to build on the significant growth and momentum that Fred has fostered in his tenure as President and Chief Executive Officer. In my time getting to know Fred and the management team, I have seen that we share a vision for how to take Parterre to the next level."
"I am proud of all that Parterre has accomplished over the past 17 years and confident that with the support of Tower Three, the Company is well-positioned for continued success under Ralph's leadership," said Mr. Roche. "Ralph brings more than three decades of experience in the flooring industry and I look forward to working with him in my new role to continue providing durable and beautifully designed flooring to our customers."
Parterre is a portfolio company of Tower Three Partners, a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. Tower Three made a controlling investment in Parterre on August 22, 2017.
Peter Fitzsimmons, Managing Director of Tower Three said, "Ralph is an ideal choice to lead Parterre in the Company's next phase of growth. His extensive experience leading private equity-backed flooring businesses strongly positions him to have an immediate impact expanding Parterre's national footprint while continuing to deliver long-term value. I also want to thank Fred for his commitment to Parterre since he joined the Company in 2000, and I know that he will continue to be an invaluable part of the Company in the years to come."
About Parterre Flooring Systems
Founded in 1991 and headquartered in Wilmington, Massachusetts, Parterre Flooring Systems is the leading design innovator of luxury vinyl tile, plank and sheet flooring with unsurpassed quality and performance. The Company offers a broad selection of premium vinyl flooring products that authentically replicate the beauty of nature in wood and stone colors and designs, as well as metallic surfaces and other unique finishes. Parterre Flooring is asbestos-free, recyclable, constructed of post-consumer and post-industrial recycled content, environmentally safe, easily installed and affordable.
About Tower Three Partners
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience revitalizing businesses, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Tower Three Partners works collaboratively with the management teams of its portfolio companies to prioritize and implement transformative changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Its professionals are experienced in operational improvement, revenue acceleration and mergers & acquisitions. The firm has invested in a range of businesses, including retail, consumer, automotive and telecommunications.
For more information, visit our website at www.towerthreepartners.com or call 203-485-5800.