Linsalata Capital Partners Recapitalizes Happy Floors
Mayfield Heights, Ohio (November 15, 2016) – Linsalata Capital Partners (LinCap), a Cleveland-based private equity firm, announced that in partnership with management and founding shareholders, it has recapitalized A. B. Property Services, Inc. (d/b/a “Happy Floors”). Happy Floors is the seventh platform investment in Linsalata Capital Partners Fund VI, L.P., a $427 million fund focused on lower middle market transactions (“LinCap”). Terms of the Happy Floors recapitalization were not disclosed.
Happy Floors, headquartered in Miami, FL, was founded in 1987 and is a leading importer and distributor of premium Italian and Spanish ceramic and porcelain tile for use in residential and commercial flooring applications. With a focus on the higher-end tile segment, the company distributes its products across the United States to a diversified customer base of top-performing specialty floor covering stores.
Founder Elie Elbaz said, “We are excited to have found a true partner in LinCap who can help support and invest in the business. We have enjoyed rapid growth in recent years and believe LinCap can help us take the business to new levels.” The Company will continue to be led by the existing management team, including CEO, President and industry veteran James Nowicki. Mr. Nowicki, who has been with Happy Floors for nearly 15 years, added, “We are excited to work with LinCap and look to continue our strong track record by accelerating our expansion of product offerings in our core tile segment as well as continuing to widen our distribution profile across the country.”
Gregg Taber, Senior Managing Director at LinCap commented, “We are excited to be partnering with Elie, James and the Happy Floors team to build on the success they have achieved and support the future growth of the company. We have a great deal of experience working with founders and Elie is a true entrepreneur with great vision and discipline. We are delighted to be his partners.” Dan DeSantis, Managing Director at LinCap, also remarked, “Our successful prior investment in Stanton Carpet provides us with the necessary experience to be a value added partner to James and his team. We believe the underlying market growth drivers and company initiatives will provide continued strong profitable growth.”