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Live Ventures Announces Acquisition of Flooring Liquidators, Inc. For $84 Million

Latest Acquisition to the Live Ventures Portfolio Reinforces Strategy and Adds Significant New Revenue Stream of Approximately $125 Million Per Year - About A 50% Increase in Annual Sales

(PRUnderground) January 19th, 2023

Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company (“Live Ventures”), has acquired the outstanding equity interests of Flooring Liquidators, Inc., a leading retailer and installer of floors, carpets, and countertops to consumers, builders and contractors in California and Nevada (“Flooring Liquidators”). The transaction, valued at approximately $84 million, was financed through a combination of cash, debt, including a $5 million note from Isaac Capital Group¹, and the issuance of 116,441 shares of our common stock, representing a 3.78% dilution of Live Ventures’ fully diluted common stock.

As part of the acquisition, Live Ventures 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.

“We are thrilled to add Flooring Liquidators to our family of companies,” said Jon Isaac, President and CEO of Live Ventures, “and we welcome all employees of Flooring Liquidators to the Live Ventures family. 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. 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.”

Flooring Liquidators’ main websites are www.flooringliquidators.net, www.sevendaystone.com, and www.elitebuilderservices.com.

¹ Isaac Capital Group is a private company whose managing member is Jon Isaac, Live Ventures’ President and Chief Executive Officer.

About Live Ventures

Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011 Jon Isaac, CEO and strategic investor, joined the Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, entertainment, and financial services industries.

The post Live Ventures Announces Acquisition of Flooring Liquidators, Inc. For Million first appeared on PRUnderground.

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Website: http://www.Fidelitas.co

Original Press Release.

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