Los Angeles, CA – Corridor Capital formed Consolidated Flooring, LLC to acquire SCI Floor Covering, Inc. (“SCI” or the “Company”) in a transaction that closed on November 26, 2013.
SCI, headquartered in Southfield, MI, is the leading distributor and installer of floor covering products for the repair, maintenance and restoration of commercial, healthcare, multi-family and insured residential properties in Michigan. Since 1980, the Company has provided customers with superior service, quality and selection at competitive prices, while serving as a valued distribution partner to the country’s leading flooring manufacturers.
Corridor Capital, in partnership with SCI’s owners and management, formed Consolidated Flooring to acquire the Company and build a platform for the regional consolidation of the highly fragmented flooring market in the Midwest. Corridor identified SCI as a highly professional, rapidly growing, regional leader that could greatly benefit from its collaborative approach as Transformational Private Equity. The Company and its management were ready for a transition in ownership and sought a partner with the operational capabilities, transaction expertise and capital to accelerate their pursuit of organic growth and assist in building an institutional acquisition and integration platform.
“SCI’s long-term success and growth has been driven by our commitment to attracting and developing highly talented team members, delivering consistently superior products and services to our diverse customer base, and offering manufacturers a dependable, professional distribution partner in the Michigan market. We knew that in order to expand our presence throughout the Midwest and meet the evolving needs of all of these critical stakeholders, the Company would need a partner who shared our values and dedication to building a best in class leader in the industry,” said David Elberson, President of SCI. “Corridor has a demonstrated commitment to investing in and supporting small market leaders like SCI in their pursuit of growth and institutional excellence. In partnership with Corridor, we expect to invest in the people, product offering and infrastructure necessary to further enhance our ability to serve existing customers and rapidly reach new customers in Michigan and throughout the Midwest.”
“In its market, SCI offers unparalleled product quality, professionalism, customer service and commitment to the growth and development of all its stakeholders,” stated Craig Enenstein, CEO of Corridor. “We are very excited to partner with its management to accelerate the growth of the business and bring its superior product and service offering to an even broader market.”