Vancouver-based Group Buys Propex
Last month a Vancouver based family investment group acquired all controlling interests in the European operations of Propex Operating Company, LLC, and renamed the company Propex Furnishing Solutions.”
Their agreement, which included the rights to purchase the Furnishings business in the U.S., was exercised at the end of April and finalized before the new month started. That’s two major acquisitions in less than 30 days.
The investors see many positive synergies with its current portfolio and core business expertise and will look for ways to exploit these synergies including further investments in facilities and capabilities to support future growth of all businesses.
Robert (Bob) Dahl, who was named the new CEO of Propex Furnishing Solutions during the European acquisition, will lead the combined European and U.S. entities under the Propex Furnishing Solutions moniker. His previous role with Propex Operating Company as the Vice President of the Industrial Packaging and GeoSolutions businesses should provide a quick transition and allow Propex Furnishing Solutions to quickly enact key strategies, investments and initiatives.
Bob has a history of transforming industries by creating superior, collaborative and mutually beneficial cultures among customers, vendors, industry leaders, associations and other key influencers in the marketplace. All involved with Propex Furnishing Solutions can expect much of the same with his leadership and the new ownership.
About Propex Furnishing Solutions Incorporated
Propex Furnishing Solutions serves the global carpet backing industry as well as polymer-based, self-reinforced composites. From the world’s first synthetic carpet backing, Polybac®, introduced in 1964, to the world’s first woven polyester backing system, Artis®, introduced in 2011, Propex Furnishing Solutions has led the way with innovation, quality and service. They promise to deliver far more than innovative products suited to serve your needs; they deliver outstanding communication, integrity, and interdependence, all designed to solve problems and advance customers, vendors and team members return on investment.
