A TEXTILE firm with operations in Meltham and Mirfield has been bought by its bosses in a £16m deal.
Interface Fabrics, which employs 120 people at its Meltham factory and 100 at its Mirfield head office, has been sold by US parent Interface Inc.
The award-winning company, which provides furnishing fabrics for items like office chairs and bus seats, has been bought by a management team led by managing director Paul Goodall.
The move marks a return to private ownership for the firm, which was founded as Camborne Fabrics in 1974 and bought by Interface Inc in 1997.
Mr Goodall said: "The team is very proud to be returning the company to Yorkshire ownership and believes it can provide a very exciting and rewarding future for its loyal and talented employees."
The company - which is on course for record sales this year - is to be renamed following the deal
Directors will reveal its new identity at a major industry show next month in London.
Mr Goodall is joined in the buy-out by sales and marketing director Andrew Schofield, design and development director Cheryl Kindness and finance director Nick Brown.
Funding for the deal was arranged by the Bank of Scotland's corporate finance team of Nick MacHugh, Tony Norwood and Tavia
Mr Goodall said the company would continue to work with Interface on the design and manufacture of new products, but said: "The management buy-out will give us a new dynamism and added freedom to take advantage of opportunities in new markets as well as increasing our service to existing customers."
Interface Fabrics UK won a Queen's Award for exports in 1997 and innovation in 2005.
It has operations in Scandinavia, Germany, Belgium and Hong Kong. It is also opening a factory employing about 30 people in Lithuania.
The firm increased sales by 8% in 2005 and has targeted a similar figure for this year when it expects to breach the £35m barrier. Sales in March alone totalled £4m.
Interface Inc, based in Atlanta, Georgia, has textile subsidiaries wordwide, including a carpet tile production site at Shelf, Halifax.