BRINTONS Carpets has been sold to a private equity firm for an undisclosed sum.

The Carlyle Group announced on Wednesday (July 5) the sale of Brintons Carpet Limited to funds managed by Argand Partners LP - a private equity firm based in New York and San Francisco.

Argand - who specialise in growth-orientated control investments into global market leading companies within the industrial sector - has partnered with Brintons' senior management team to acquire 100 per cent of Brintons from the Carlyle Group for an undisclosed sum.

The Carlyle Group brought the company in September 2011.

Tariq Osman, partner and managing director at Argand Partners, said: "We were attracted by Brintons' leading market position within the global luxury carpet market.

"Brintons has a long history of selling award-winning carpet that utilizes the highest quality British wool and their own proprietary manufacturing technology, making it uniquely capable of meeting demand for custom-designed, durable and upscale flooring at a competitive price and within tight delivery timelines.

"To find such qualities in an iconic brand like Brintons was rare. Supported by our investment and growth strategies we look forward to partnering with the Brintons' management team to build an even stronger business in the future."

Duccio Baldi, chief executive officer at Brintons, said: "The transformation Brintons has undertaken has been impressive thanks to the efforts of our global team.

"We now look ahead to this exciting new chapter, continuing Brintons' tradition of high quality manufacturing and working with Argand to build the brand further. As CEO, I look forward to working with Tariq and his team as we continue to invest and expand from the successful platform we have built."

Ian Jackson, managing director and co-head of Carlyle Strategic Partner Funds at the Carlyle Group, added: "Brintons has been a solid investment for us, performing strongly over the last five years in a competitive global market.

"We have invested significantly in product innovation, opening new international markets and building a global talented leadership team who continue to deliver outstanding results and growth in both revenues and market share."

The news follows the announcement that the company is to slash its workforce in Kidderminster, as the site stops weaving Axminster carpets after more than 200 years.

In June, the Shuttle revealed how bosses had announced they proposed to restructure processes and reduce the headcount at its Stourport Road site by 60 full-time production employees.

The company said its consultation with staff affected ended on Tuesday (July 4).