WILsquare Capital (“WILsquare”), a private equity firm focused on lower middle market companies, announced the sale of Crown Products, Inc. (“Crown”), an industry leading distributor of flooring and flooring installation products. Terms of the transaction were not disclosed.
During WILsquare’s four-and-a-half-year ownership period, Crown executed on four acquisitions, opened new locations, expanded its product offering and geographical reach, built an ecommerce platform from the ground up, and invested extensively across the organization in people, processes, and systems.
“It has been a pleasure to work with John DeYoung and his team in supporting numerous growth initiatives, and we could not be more pleased with the efforts of the WILsquare and Crown teams over the last four years to build Crown,” said James Wilmsen, Partner at WILsquare. “We developed meaningful relationships with the former owners of Walcro, Cartwright, Tri-State and Jer-And, all of whom were instrumental in achieving this success and outcome.”
In 2017, WILsquare identified a growth thesis in the flooring installation space with the acquisition of Walcro, LLC. Crown was formed in 2019 with the acquisition of Cartwright Distributing, LLC and in less than three years expanded its geographic reach across the Upper Midwest with the acquisition of Tri-State Wholesale Flooring and Jer-And. With each acquisition, WILsquare identified customer centric cultures and operational proficiencies which would integrate well with Crown’s platform and enhance its service capabilities. Each acquisition expanded Crown’s industry leading portfolio of flooring and flooring installation products.
“Since the summer of 2017, WILsquare has been a fantastic partner, fostering and supporting Crown’s growth.” said John DeYoung, Crown’s CEO. “Through investments in our people, processes, systems, and acquisitions alike, we have built one of the premier sundries and flooring distributors in the Country. We are excited about our new partnership with Shoreview Industries and working with them to further distinguish Crown as an industry leader. It is a very exciting time for Crown.”
“While executing on numerous growth initiatives over our investment period, Crown navigated the COVID pandemic extremely well and emerged well positioned to capitalize on our strategic initiatives and strong industry trends.” said Jack Randazzo, Director at WILsquare. “In addition, Crown’s recent launch of their ecommerce platform, Shagtools, clearly evidences the team’s capabilities and the continued growth in front of this dynamic organization.”
Stephens, Inc. acted as the financial advisor to Crown and WILsquare Capital. Winston & Strawn, LLP acted as legal counsel to Crown and WILsquare Capital.
About Crown Products, Inc.
Crown, headquartered in Bloomington, MN, is an industry leading distributor of flooring and flooring installation products, serving the Upper-Midwest and Mountain West for over 35 years. Comprised of Walcro, LLC, Cartwright Distributing, Inc., Tri-State Wholesale Flooring, LLC and Jer-And, Inc, Crown’s knowledgeable team and 20 location distribution network serves residential and commercial flooring contractors, builders, and retailers across eight states. With over 23,000 items from more than 100 manufacturers, Crown manages a distinguishable vendor portfolio for its dynamic customer base.
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 II, L.P. For additional information, please visit www.wilsquare.com