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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

H.I.G. Capital Completes the Sale of Empire Today

November 10, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Nov 10, 2021--

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with over $45 billion of equity capital under management, is pleased to announce the sale of its portfolio company, Empire Today (the “Company”), 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 organizations.

H.I.G. 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 H.I.G.’s ownership period, generating an outstanding return to its investors.

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Keith Weinberger, Empire Today’s CEO, commented, “We appreciate H.I.G.’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 H.I.G. 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,” said Justin Reyna, Managing Director at H.I.G. 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 H.I.G. Capital, added, “We are excited to continue our partnership with Empire Today alongside Charlesbank and we see tremendous potential ahead for the Company.”

H.I.G. 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 U.S.

William Blair & Company, LLC acted as financial advisor to Empire Today and McDermott Will & Emery LLP acted as legal counsel to H.I.G. in connection with the transaction.

Management and an affiliate of H.I.G. will coinvest into the new deal as minority shareholders. Terms of the transaction were not disclosed.

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About Empire Today
Empire Today, LLC, also commonly known as Empire Carpet and for its famous 800-588-2300 jingle, has been a leading provider of installed home improvements and home furnishings for over 60 years. Empire serves residential and business customers with a wide selection of products suitable for homes, small businesses, organizations, and commercial applications. Empire offers quality, name-brand products, including carpet, hardwood, laminate, porcelain/ceramic tile, vinyl flooring and window treatments. The Company provides shop-at-home convenience or on-site consultations, next-day professional installation on many products, quality products at great prices, and world-class service to about 75 of the largest metropolitan areas in the United States. With over three million satisfied customers, Empire Today is dedicated to customer satisfaction. For more information, please visit https://www.empiretoday.com/ or contact Empire Today’s Press Relations team at PressRelations@EmpireToday.com.

About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with more than $15 billion of capital raised since inception. Charlesbank focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit and technology investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211110006118/en/

CONTACT: Justin Reyna

Managing Director

jreyna@higcapital.com Robert Jang

Managing Director

rjang@higcapital.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING ARCHITECTURE PROFESSIONAL SERVICES CONSUMER OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY OTHER CONSUMER BUILDING SYSTEMS FINANCE INTERIOR DESIGN

SOURCE: H.I.G. Capital

Copyright Business Wire 2021.

PUB: 11/10/2021 12:36 PM/DISC: 11/10/2021 12:36 PM

http://www.businesswire.com/news/home/20211110006118/en