BuildDirect.com Technologies Inc. announced that it has acquired Michigan-based full-service flooring retailer, Superb Flooring & Design LLC for a total purchase price of USD $10 million. The acquisition closed on the morning of November 17, 2021.
Superb serves Pro builder customers across the U.S. midwest. In the period ended September 30, 2021, Superb generated unaudited revenue of over USD $18 million and greater than $2 million in EBITDA in the trailing 12 months.
“Uniting with Superb will enable BuildDirect to meet more customers where they are, helping them to adapt to a new home improvement digital era through our innovative digital platform and supply chain network,” said Dan Park, CEO of BuildDirect. “We’re confident in our strategy to leverage our digital and delivery platform, and becoming a true innovator in the space.”
Ethan Rudin, CFO of BuildDirect added, “As BuildDirect’s second acquisition in Michigan, we welcome the opportunity to work with the expert teams at both Superb and FloorSource to rapidly expand our combined share of the mid-West U.S. Pro market. Superb’s longstanding Pro builder customer base aligns directly with our strategy to acquire B2B-focused targets, increasing our Pro customer base, and improving the end-to-end experience for these key customers. Our acquisition pipeline remains robust with accretive opportunities at various stages of development.”
“BuildDirect and Superb are joining forces to offer a unique omnichannel experience to our customers,” said Lonnie Pukoff, founder of Superb Flooring & Design. “In addition to its digital platform, BuildDirect’s product selection, heavyweight shipping infrastructure, and offshore sourcing capabilities will create advantages for Superb. We are thrilled to work with BuildDirect to reach our common goal of providing quality service and products to our Pro customers.”
BuildDirect has purchased 100 percent of the fully diluted outstanding capital stock of Superb for a total purchase price of USD $10 million and will be fully funded in cash. The Purchase Price is payable pursuant to an initial payment on close of the Acquisition, together with certain deferred payments following the closing date of the Acquisition a portion of which is subject to Superb’s achievement of certain performance metrics. The Purchase Price is also subject to customary post-closing working capital adjustments.