HIG Capital (HIG) has sold its portfolio company, Empire Today to Charlesbank Capital Partners (Charlesbank).
Empire Today is the largest shop-at-home, direct-to-consumer flooring company in the United States, operating in over 70 of the largest metropolitan areas in the country. The Company serves residential customers with a wide selection of carpet and hard surface flooring products for homes, and sells fully installed flooring solutions to businesses, including multi-family properties, restoration companies, REITs, and other organisations.
HIG acquired the Company in November 2016 in partnership with Empire Today’s management team. Through numerous strategic initiatives and investments, the Company enjoyed significant growth during HIG’s ownership period, generating an outstanding return to its investors.
Keith Weinberger, Empire Today’s CEO, says: “We appreciate HIG’s commitment to Empire Today over the last five years, adding significant value to our business and our leadership team while supporting investments across our business, all of which have strengthened our ability to deliver a quality experience to our customers and our team. We are excited about partnering with Charlesbank to support Empire Today’s next phase of growth. We are also thrilled to see HIG remain as a minority investor, which speaks to our many exciting opportunities into the future.”
“Keith and the Empire Today team have done a phenomenal job executing and growing the business during our partnership,” says Justin Reyna, Managing Director at HIG Capital. “We are proud to have played a role in continuing Empire Today’s legacy as the leader in direct-to-consumer flooring.”
Rob Jang, Managing Director at HIG Capital, adds: “We are excited to continue our partnership with Empire Today alongside Charlesbank and we see tremendous potential ahead for the Company.”
HIG is an experienced investor in the home services industry. Most recently, it acquired Windows USA, a leading direct-to-consumer provider of replacement windows in the Southern US.
William Blair & Company, LLC acted as financial advisor to Empire Today and McDermott Will & Emery LLP acted as legal counsel to HIG in connection with the transaction.
Management and an affiliate of HIG will co-invest into the new deal as minority shareholders. Terms of the transaction were not disclosed.