Live Ventures Incorporated, a diversified holding company based in Las Vegas, Nevada, has acquired Flooring Liquidators, Inc., a retailer and installer of floors, carpets, and countertops to consumers, builders and contractors in California and Nevada, for $84 million.
As part of the acquisition, Live Ventures said it will retain Flooring Liquidators’ existing management team and all 625 employees and contractors.
Founded by Steve Kellogg in 1997, Modesto, California-based Flooring Liquidators provides floor, cabinets, countertops, and installation services in California and Nevada, operating 20 warehouse-format stores and a design center. Over the years, the company established a strong reputation for innovation, efficiency and service in the home renovation and improvement market. Flooring Liquidators serves retail and builder customers through three businesses: retail customers through its Flooring Liquidators retail stores, builder and contractor customers through Elite Builder Services, Inc., and residential and business customers through 7 Day Stone, Inc.
“This is the kind of company we love—run by a visionary founder, staffed by talented people, and providing products and services that individuals and businesses want and need," said Jon Isaac, president and CEO of Live Ventures. "It fits perfectly within our existing operation and our ‘buy-build-hold’ strategy. We expect the acquisition to increase our overall revenues by approximately 50%, or about $125 million per year, and grow in the coming years.”
As part of the transaction, Live Ventures also acquired Floorable, LLC, the company’s franchise opportunity utilizing proprietary in-home shopping mobile showrooms and an established back-office support system along with K2L Leasing, LLC and SJ &K Equipment, Inc.
“We’re very proud of what we’ve accomplished,” said Kellogg, Flooring Liquidators’ founder and CEO. “We know there are strong growth opportunities in all three of our divisions: retail, builder, and mobile store. We look forward to collaborating with Jon’s team to gain access to growth capital and to benefit from our respective business expertise.”
Live Ventures said it continues to execute its “buy-build-hold” plan for all the businesses it owns, which includes Chatsworth, Georgia-based carpet mill Marquis Industries. Live Ventures said it made significant capital investments in new equipment in Marquis Industries in 2022 and repurchased 86,451 shares of common stock. In the fiscal fourth quarter, Marquis acquired certain assets and intellectual property related to the carpet-backing operations of Better Backers, Inc., which will improve the efficiency of the flooring manufacturing segment, the company said.
Flooring Liquidators’ main websites are flooringliquidators.net, sevendaystone.com, elitebuilderservices.com.