WILsquare Capital, a St. Louis-based private equity firm, announced today its portfolio company, Crown Products, Inc., has completed the acquisition of Tri-State Wholesale Flooring, LLC, a leading distributor of flooring products based in Sioux Falls, SD. Terms of the transaction were not disclosed.
“Our acquisition of Tri-State Flooring further solidifies Crown’s positioning as the premier flooring distributor in the Upper-Midwest. With the expansion of our product set and the tremendous operating capabilities Tri-State brings to our platform, Crown further distinguishes itself as the “go-to” distributor of all things related to flooring.” said John DeYoung, CEO of Crown Products, Inc.
Established in 1964, John Rozell, Joe Gaspar and other members of management, have grown Tri-State into a premier provider of flooring products in North and South Dakota, Nebraska, Iowa, Wyoming, Montana and Minnesota. With a talented team, first-rate distribution facility located in Sioux Falls, and deep-seated supplier relationships, the Company’s dedication to their customers’ growth and success has resulted in customer loyalty which extends decades.
"Beginning with an introductory phone call two years ago, we have developed a meaningful relationship with the WILsquare and Crown team centered on shared values, ethics, and commitment to success,” said John Rozell, Owner and Founder of Tri-State. “We are excited for this partnership and the growth opportunities our relationship with the Walcro and Cartwright teams will create, including broadening our product offering and expanding our reach, further enhancing our customer service capabilities. We are also excited for the Tri-State Flooring brand to continue to represent high quality products and unparalleled service in the markets in which we compete.” said Joe Gaspar, Owner and President of Tri-State.
“WILsquare Capital is extremely pleased to bring Tri-State into a terrific family of companies which comprise Crown Products.” said Jack Randazzo, Director at WILsquare Capital. “John Rozell and Joe Gaspar have built a tremendous organization over the past 27 years. Their understanding of flooring products, long-standing relationships with industry leading flooring suppliers and deep commitment to their customer base is distinguishable.”
The acquisition of Tri-State Wholesale Flooring represents the fourth company to become part of the Crown Products portfolio, beginning with the acquisition of Walcro, LLC (Bloomington, MN) in 2017, followed by Cartwright Distributing, Inc. (Denver, CO) in 2019, and Jer-And, Inc. (St. Louis, MO) in 2020.
About WILsquare Capital
WILsquare Capital is a St. Louis-based private equity firm focused on acquiring and growing lower-middle market businesses in the Midwest and Southern United States, with an emphasis on business services, niche manufacturing, distribution and technology companies. The firm is currently investing out of WILsquare Capital Partners Fund I, L.P and WILsquare Capital Partners Fund II, L.P.