Livingstone Establishes the Groundwork for Wynnchurch Capital Portfolio Company’s Refinancing

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Wells Fargo Capital Finance backs refinancing of Foss Floors.

Livingstone is delighted to report the successful refinancing of Foss Manufacturing Business, LLC (“Foss Floors” or “the Company”), a Wynnchurch Capital portfolio company.

The finance was supplied by Wells Fargo Capital Finance (“Wells Fargo”).

Foss, founded in 2017, is a well-known leader and pioneer in sustainable non-woven needle punch floor coverings and specialty flooring materials offered in the United States for home and commercial usage.

Through channel development, new product releases, and targeted investments in production capacity and technology, the Company has effectively carved out a defensible niche, delivering considerable revenue and margin growth.

Foss’ demonstrated ability to reliably supply high-quality, cost-competitive products has proven tremendously important to its blue-chip customer base, resulting in considerable market share gains that are projected to continue for many years.

Neel Mayenkar, Partner at Wynnchurch Capital, explained, “As an active investor with over $4 billion under management, we are well connected in the middle market lending market.”

“However, in this instance, we needed support to manage the financing process.”

Livingstone provided great assistance in developing the right structure and generating strong financing solutions to support Foss’s expansion plans.”

Livingstone exceeded our expectations, and we are excited to partner with Wells Fargo on the next chapter for Foss.”

Erica Rahn, CFO of Foss Floors, said, “We are very pleased with the outcome.”

“Livingstone clearly understood what was important to us in a lender and secured a financing package with our longstanding partner Wells Fargo.”

“The structure they put in place allows us to expand our product offering while giving us ample liquidity to support growth.”

Tom Lesch, one of the partners at Livingstone added, “The Foss transaction highlights our ability to source a market-clearing structure from a trusted lending source in Wells Fargo Capital Finance.”

“Our process allowed the company to focus on its key 4th quarter year-end while we canvassed the debt market for the best pricing terms and structure.”

“The outcome generated meaningful liquidity for the company and sponsor while supporting future expansion.”
Foss Floors is Livingstone’s 124th successful acquisition since 2020.

Following the success of Angeles Equity Partners, Aterian Investment Partners, Frontenac Capital, Huron Capital, L Catterton, and RFE Partners, the refinancing strengthens Livingstone’s position as the advisor of choice for private equity sponsors.

Foss Floors was represented by DLA Piper, while Wells Fargo Capital Finance was represented by Otterbourg PC.

Dan is one of our main correspondents based out of Portland, Oregon. He reports on all new innovations about building products.