Interior Logic Group, a portfolio company of Littlejohn & Co. and Platinum Equity, has acquired Coleman Floor Company, from publicly-traded BMC.
Coleman provides flooring product (carpet, hardwood, vinyl, laminate, ceramic tile and natural stone) and installation services to homebuilder customers, primarily in the residential building industry. The company operates out of nine facilities across four states including Virginia, Maryland, North Carolina, South Carolina and the District of Columbia.
In addition, Coleman operates design centers and installs product selections into single-family and multi-family residential buildings. The company is headquartered in Charlotte, NC (www.colemanfloor.com).
Interior Logic Group (ILG) is a provider of outsourced design center and installation services to homebuilders for new housing construction, including flooring, cabinets, countertops, other home finishes, as well as repair and remodel services to multi-family property owners. The company operates from more than 220 locations across the US and is based in Marietta, GA (www.interiorlogicgroup.com).
The acquisition of Coleman increases ILG’s presence in the Mid-Atlantic region and the Carolinas. “Coleman’s market reputation, human capital and strong customer relationships in these markets makes this acquisition a valuable addition to the ILG platform,” said ILG President and CEO Alan Davenport. “The added scale in these markets will allow us to dedicate even additional resources and attention to serving the homebuilder community.”
“We are excited to add the Coleman team to our business in the Mid-Atlantic and Carolinas region. We plan to integrate Coleman’s teams and operations with ILG’s operations in these geographies. This is also our third acquisition in 2018 and 17th since 2013. Consolidating our industry through acquisitions such as Coleman is a key component of our growth strategy,” said Mark Fikse, ILG’s EVP of Strategy and Business Development.
Interior Logic Group was formed through the May 2018 merger of Interior Logic Group, a portfolio company of Platinum Equity since March 2017, and Interior Specialists, a portfolio company of Littlejohn & Co. since October 2014.
Littlejohn makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm invests from $50 million to $150 million of equity in middle-market companies that have annual revenues of $100 million to $800 million. Littlejohn invests across a range of industries and acquires manufacturers, distributors, and service providers. The firm is currently investing from Littlejohn Fund V which has $2 billion in capital commitments. Littlejohn is based in Greenwich, CT (www.littlejohnllc.com).
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion buyout fund which closed in March 2017 and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund which closed in July 2018. Platinum Equity has completed more than 200 acquisitions since its founding in 1995. The firm is headquartered in Beverly Hills (www.platinumequity.com).
BMC (NASDAQ:BMCH), the seller of Coleman Floor, is a provider of a range of building products and services to professional builders and contractors in the residential housing market. The company had revenues in 2017 of $3.4 billion. BMC is headquartered in Raleigh NC (www.buildwithbmc.com).
© 2018 Private Equity Professional | November 5, 2018
