Floor & Decor Subsidiary Acquires Salesmaster Flooring Solutions To Expand Commercial Business In The Northeast
06/07/2023 - 04:05 PM
ATLANTA --(BUSINESS WIRE)--
Floor & Decor (NYSE: FND) today announced its wholly owned subsidiary Spartan Surfaces had acquired Salesmaster Flooring Solutions, a leading flooring and installation supplies distributor servicing the Northeastern part of the United States . Headquartered in Deer Park, New York , the company has approximately 80 employees and will operate as a part of Spartan Surfaces.
“I’ve admired Salesmaster’s business for years,” notes Kevin Jablon, CEO of Spartan Surfaces. “Their unmatched flooring contractor relationships, coupled with their know-how of navigating the New York metro area and winning culture, has always stood out in the industry. Combining the companies is an exciting milestone in Spartan’s business and significantly expands our presence in the large and highly fragmented New York City and New England markets.”
“This merger represents a significant step forward for our organization and all our dedicated employees. Working together will allow us to harness substantial synergies between our companies. Leveraging increased purchasing power, inventory levels, logistics, and customer service will ultimately enhance the value we deliver to our customers,” notes Salesmaster President, Steve Kurtz.
The transaction closed June 7 and is not expected to have a material impact on Floor & Decor’s fiscal 2023 second quarter or full year 2023 financial results. Terms of the transaction were not disclosed.
About Spartan Surfaces
Spartan Surfaces, a subsidiary of Floor & Decor, is a specialty flooring distribution company headquartered in Bel Air, MD , with showrooms in the District of Columbia , Chicago , and Minneapolis . To learn more visit, www.spartansurfaces.com .
About Salesmaster Flooring Solutions
Founded in 1961, Salesmaster Flooring Solutions has grown into one of the United States’ leading flooring and installation supplies distribution companies. Through its Architect and Design Division, Salesmaster acts as a liaison between the architectural and design community, the flooring contractor, and the end user. The company assists all parties in making the proper specification for every application. For more information, visit www.salesmasterflooring.com .
About Floor & Decor
Founded in 2000, Atlanta based Floor & Decor is a leading, high-growth specialty retailer of hard-surface flooring, operating 194 warehouse stores and five design studios across 36 states as of March 30, 2023. The stores offer the industry’s broadest in-stock assortment of tile, wood, laminate, vinyl, and natural stone flooring along with decorative and installation accessories and adjacent categories. The stores also offer free design services and a dedicated pro sales team. Products are directly sourced from manufacturers around the globe, which enables it to bring the world’s best and most innovative flooring trends to its customers, at everyday low prices. Floor & Decor has locations nationwide, but each store is bolstered by a local focus that creates a unique store experience and mix of products that meet the needs of each market served. For more information, visit www.flooranddecor.com .
Forward-Looking Statements
This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identified by or are associated with such words as “intend,” “plan,” “believe,” “estimate,” “expect,” “anticipate” and/or the negatives or variations of these terms or similar terminology. Such forward-looking statements include those that address activities, events or developments that Floor & Decor Holdings, Inc. (the “Company”) or its management believes or anticipates may occur in the future, including the closing of the transaction and the benefits expected therefrom, including revenue growth, earnings enhancements and synergies from the transaction. All forward-looking statements are based upon the Company’s current expectations, various assumptions, and data available from third parties. The Company’s expectations and assumptions are expressed in good faith, and the Company believes there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors, which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including: the possibility that the transaction will not close or that the closing may be delayed; the possibility that we may be unable to obtain regulatory approval for the transaction; the potential for litigation or governmental investigations relating to the transaction; the occurrence of events, changes or circumstances that could give rise to the termination of the definitive agreement; the risk that we may be unable to successfully integrate the acquired business; the risk that we may not realize the benefits expected from the transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the transaction; the risk that the funds required to complete the transaction become unavailable; the possibility that completing the transaction may distract the Company’s management from other important matters; and the other factors discussed in Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2022, and in the Company’s other filings with the Securities and Exchange Commission, which are available at http://sec.gov . The Company undertakes no obligation to update publicly or revise any forward-looking statements in light of new information or future events. For any forward-looking statements contained in this or any other document, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the Company assumes no obligation to update any such statement.
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Investor Contacts:
Wayne Hood
wayne.hood@flooranddecor.com
or
Matt McConnell
matthew.mcconnell@flooranddecor.com
Source: Floor & Decor Holdings, Inc.
