Virginia Tile

Situation

Virginia Tile, based in Livonia, Michigan, is the leading independent distributor of ceramic, porcelain, and natural stone tile in Michigan, Ohio and Illinois. The Company was founded in 1928 and serves trade professionals in both residential and commercial end markets. Virginia Tile operates eight design centers and is known for its broad selection of products and unparalleled customer service.

Bill Stephenson, Sr., President, Virginia Tile, sought a partner that would provide adequate capital for expansion and liquidity for the Virginia Tile ownership team.

Solution

Virginia Tile engaged Amherst to assist in securing capital to pursue an aggressive growth plan while also providing partial liquidity to the family owners. Amherst conducted a highly-focused search process, contacting a select group of prospective investors with demonstrated experience in the building products sector and a history of success working in partnership with family-owned businesses.

Results

Amherst identified and approached a select group of financial investors. The Company ultimately completed a transaction with Harren Equity Partners (“Harren”).

Bill Stephenson, Sr., President, will continue to lead the business as it pursues opportunities to expand both within and outside of its current footprint.

The transaction represented a significant step in the Company’s ultimate goals of Virginia Tile. Harren’s unique approach focuses on operational excellence and insightful strategic analysis, rather than financial engineering. Harren’s principals have significant operating experience and work closely with portfolio company management teams across a broad range of industries.