Business Services Industry
Private Bank Buys Florida Tile Industries Inc.
Knight Ridder/Tribune Business News, November, 2003
By Mary Toothman, The Ledger, Lakeland, Fla. Knight Ridder/Tribune Business News
Nov. 12--LAKELAND, Fla.--A private, Washington, D.C.-based merchant bank has purchased Florida Tile Industries Inc. from Illinois Tool Works Inc.
Gene Weil, the managing director of Milestone Merchant Partners, said Tuesday its relatively new investment fund, MMP Capital Partners, purchased the Lakeland company. Founded in 1954 by Jimmie and Leon Sikes, the company is the secondlargest producer of glazed ceramic tile in America.
"Our objective is to buy controlling stakes in underperforming companies, and work with them to make them better performing companies," Weil said.
Matthew Galvez, a managing director of Milestone, has been named president...
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