Empire Today LLC recently announced that an affiliate of Charlesbank Capital Partners is making a majority investment in the company. Charlesbank is a middle-market private investment firm based in Boston and New York. Management and an affiliate of existing investor H.I.G. Capital (“H.I.G.”) are also making significant new investments into the business.
Based in Northlake, Illinois, Empire operates in about 75 of the largest metropolitan areas in the United States. Empire serves residential customers with carpet and hard surface flooring products for homes and also sells fully-installed flooring solutions to businesses, multi-family properties, restoration companies, iBuyers, REITs, and other organizations.
“We are thrilled to work with Charlesbank to build on our considerable momentum and help us further grow and strengthen the business,” said Keith Weinberger, chief executive officer of Empire Today. “The Charlesbank team brings significant consumer investing experience and operational expertise that will align with our mission of Making Beautiful New Floors Easy for our customers. As we enter this next chapter for our company, we are also excited to extend our successful partnership with H.I.G. and are confident that their continued support will accelerate our strong growth trajectory. It’s critical to thank all of our employees and contractors across the entire country who, due to their dedication every single day, deliver outstanding experiences our customers have come to expect from Empire Today.”
“Empire is a market leader with a compelling customer proposition, an attractive business model, an incredible brand, and significant growth opportunities,” said Andrew Janower, managing director at Charlesbank. “We see tremendous potential in the business and look forward to supporting Keith and the entire Empire team in achieving their goals, building an even better company for employees and customers alike.”
“We appreciate the dedication of Empire’s senior leadership team since our initial investment in 2016, and we look forward to continuing to partner with them for the next phase of growth as a national leader in do-it-for-me flooring sales and installations,” said Justin Reyna, managing director at H.I.G.
The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions and regulatory approvals. William Blair & Company LLC served as advisor to Empire in connection with the transaction.