Investment firm said to be interested in selling Empire Today

Home Inside FCNews Investment firm said to be interested in selling Empire Today

June 6/13, 2016; Volume 30, Number 25

By Ken Ryan

Empire Today LLC, the privately held U.S. flooring and window treatment retailer, may be up for sale, according to published reports, which quoted sources.

Mercury Capital LP, the investment firm that has owned Empire for 17 years, has hired investment bank Moelis & Co. to run an auction for the company, seeking to capitalize on consumer demand for remodeling homes, according to sources.

Empire has roughly $50 million in 12-month earnings before interest, taxes and depreciation, the sources said. Based on this, the company could fetch several hundred million dollars in a sale, they added. The sources requested anonymity because the sale process is confidential. Empire, Moelis and Mercury Capital all declined to comment.

Empire, whose competitors include Lowe’s, Home Depot and Floor and Decor Outlets of America, offers shop-at-home services in more than 70 U.S. locations, including St. Louis, Chicago, New York and Los Angeles.

The Northlake, Ill.-based company opened its first retail stores last year in Fairfax, Va., and Commack and Westbury on Long Island.

In May, Empire announced a partnership with JCPenney to establish separate flooring departments in seven of its stores—four in the Tampa market and three in the Washington, D.C., suburbs (FCNews, May 9/16).

These store-in-store formats will be Empire Today-branded and range in size from 750 to 1,200 square feet. The Tampa stores are expected to be up and running by the end of this month, while the D.C.-area branches will be operational by the end of July.

The proposed sale of one of the largest U.S. flooring retailers comes as home improvement spending has rebounded from a steep recessionary decline. Rising employment rates and house prices have risen, prompting Americans to make delayed investments in their homes.

Empire Today’s origins date back to a plastic cover business that Seymour Cohen founded in 1959. Cohen later expanded the product lines of Empire Plastic Covers to include carpets. Mercury Capital acquired the company in 1999 and changed the name to Empire Today.

Must Read

Invista’s Antron nylon cited in Starnet Design Awards

Kennesaw, Ga.—Invista recognized the winners of the 22nd annual Starnet Design Awards that used carpets constructed of Antron nylon fiber in their installations. The following...

CM Services forges partnership with FCICA

Glen Ellyn, Ill.—CM Services has formed a partnership with the Floor Covering Installation Contractors Association (FCICA) to provide full-service association management services. Catherine Church, CM...

Stainmaster Home Studio to debut at NFM Kansas City location

  Kennesaw, Ga.—Invista’s Stainmaster brand and Nebraska Furniture Mart have announced the launch of the Stainmaster Home Studio at NFM’s Kansas City location. Promising a...

Hannover Fairs USA postpones Domotex USA 2021

Chicago—Hannover Fairs USA (HFUSA), the organizer of Domotex USA, has decided to postpone its 2021 trade show, which was scheduled for March 1-3. The...

NFA to members: The show will go on

By Steven Feldman Cincinnati—Leaders lead, and the National Floorcovering Alliance (NFA) is a prime example. Thanks to the group’s desire to move this industry forward,...

Indusparquet adds Murphy to U.S. team

Miami, Fla.—Indusparquet, a leading manufacturer of Brazilian premium hardwood flooring, has added Jessica Murphy to its U.S. sales and marketing team as the company’s...
X