Baltimore, Md. – Fishman Flooring Solutions has announced that it has purchased all outstanding shares of the company’s stock, giving its employees 100 percent ownership of the business. The company is one of the largest distributors of flooring installation supplies in the nation and is the leading distribution firm in the markets it serves. Terms of the transaction were not disclosed.
The management structure of the company will not be affected by the share purchase. President Bob Wagner and the other members of the Fishman management team will continue in their current roles.
The outstanding shares were purchased from Nelson Fishman and Ray Colombo, who led the company for a combined 90 years. Fishman and Colombo first sold shares of their stock to employees in 2003, when they established an Employee Stock Ownership Plan.
“Nelson Fishman and Ray Colombo were tremendous stewards of our business and true partners in every sense,” Wagner said. “We’re grateful for their vision and leadership that fueled the growth of our company. They have left a legacy of continuous improvement in every aspect of our business that will remain the key to our success.”
The stock purchase will benefit three key stakeholders in the company: customers, vendor partners, and the employee shareholders, Wagner said. Customers will benefit from an even higher level of customer service and satisfaction because the employees have a greater vested interest in the firm’s success. Vendor partners will benefit from increased sales of their products as the company’s market share grows. And, as the company continues to prosper and gain market share, its employee shareholders will benefit financially from the enhanced value of their stock.