Brothers Jeff Hamar and Todd Hamar have repurchased the Santa Fe Springs, Calif.-based flooring distributor Galleher Inc. from ITOCHU Corp. The two brothers originally sold the company to the Japanese trading company in 2007. In addition, Jeff Hamar, who retired in 2009 and returned to the company as a senior advisor this year, has returned to his role as president. Todd returns as senior vp. Financial terms were not disclosed.
Jeff Hamar told NFT that ITOCHU Corp. was planning to exit the flooring distribution business. “They looked at a couple of scenarios, and decided to offer the company back to us in an extremely attractive way. The opportunity to own and manage an extremely well capitalized company as the recovery begins and growth returns was too good a deal to pass on.”
Hamar said the company will put more focus on hardwood and specialty products.
Hamar brothers repurchase Galleher
June 16, 2010