Details - Information last confirmed on September 29, 2020
Introducing The Turn Around Opportunity Of A Lifetime. Business Comes With $15 Million In Existing Contracts Ready To Go In Addition The Existing $13 Million In Sales That The Business Was Doing Pre-Covid.
This flooring business was founded in 2009 as a small contract milling shop only for a very well known brand in New England. The company began to grow and took on a contract for Hard Maple flooring with Shaw Flooring in Georgia. From there they started to mill unfinished micro bevel Bellawood for a massive national brand (Of Which This Contract Will Come With The Business. Industry Advisors We Have Spoken With Have Said This Contract Alone Is Worth "Upwards Of $100 Million A Year Under The Right Management."
In 2012 they outgrew their shop and purchased a 200,000 sq ft factory that was previously an Ethan Allen Furniture plant. They have installed a full rough mill and flooring line with future plans of adding varnishing capabilities.
2015-2016 brought further growth with their national brand contracts. They built their new LICO rip line and OSI feeder and planer giving them rough mill capacity for more growth. Then came the varnishing capability opportunity. Their retailer brand partner offered them a five-year supply contract for 4MM sq ft per year minimum, all prefinished in a Bellawood box and we purchase their finish lines then located in Toano, VA. They came to an agreement and started to grow in prefinished.
They now have a world class rough mill with a high speed 4’ wide roll coat line installed and running. They were however struggling with cash flow. The growth and time to install and get running drained their working capital. The business continued and was moving quickly to overcome these 'growing pains'.
Then the covid crisis shut their plant down by New York Sate in March 2020. There were many unfair and unorganized methods in the shut down by the state. Some flooring plants were allowed to keep running while we were not. One specific plant moved in on their PO’s and obtained a large part of their present PO’s. When they were allowed to re start the plant in May they didn’t have enough open PO’s to sustain full production. With their then serious cash crisis they decided to shut the rough mill and milling lines down, simple lack of capital.
They continue today running the finish line. A complete acquisition of the operating company and all fixed assets would be preferred however an asset purchase is also an opportunity. They can sell the company with or without the land and buildings. The land and buildings could be leased with an option to buy in the future.
All Financials Below Are Very Rough Estimates. Contact Us Immediately To Receive An Nda So We Can Send You All Exact Financials And Details To Review. We Are Receiving An Overwhelming Amount Of Interest On This Listing. This Opportunity Will Not Last Long And Must Be Acted On Quickly. This Is For Serious And Well Capitalized Buyers Who Can Move Very Quickly.
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