Denver Hardwood Acquires Misco Shawnee

Denver, CO, Jan. 23--Denver Hardwood Company and its affiliated group of flooring distributors under the Hamar Group of companies will acquire the assets of the Midwest’s largest flooring distributor, Misco Shawnee, according to a joint announcement made by the companies’ chief executive officers. The two companies have been in discussion since September 2003, and entered into a confidential letter of intent in late fall. Doug Hamar, President & CEO of Denver Hardwood Company, and Jim Gould, Chairman of the Board of Misco Shawnee say the imminent acquisition will create one of the ten largest flooring distribution companies in the nation and will result in a distribution network that covers two thirds of the U.S., from Ohio to the Pacific Coast. Denver Hardwood Company and its affiliated group of flooring distributors under the Hamar Group of companies (Cascade Pacific Flooring Distributors– Portland, Inc., Beaverton and Portland, OR, Cascade Pacific Flooring Distributors-Seattle, Inc., Kent and Redmond, WA and Rio Grande Flooring Distributors, Albuquerque, NM) distribute hardwood, laminate and ceramic flooring products in the Rocky Mountains, Pacific Northwest and Southwest. Misco Shawnee distributes primarily hardwood, laminate and vinyl in eight Mid Western States and, through its national distribution arm, DSI, it services buying groups, home centers and flooring manufacturers across the country using its distribution centers in Atlanta, Chicago and Los Angeles. Both companies cite mutual benefits of the pairing between Misco and Denver Hardwoods and both companies have something to offer the other, resulting in a “stronger group of companies with a broad range of expertise and depth of talent,” says David Rowe, vice-president of Denver Hardwood Company and Director of Distribution Operations for the Hamar Group. “We are confident that the combined efforts or our companies will help us all realize an even greater level of customer service and market share,” said Rowe. Denver President & CEO Doug Hamar says they have been looking for a way to increase the footprint of their group for some time. “The addition of Misco Shawnee not only gives us a greater footprint, but it also gives us national distribution capabilities through Misco’s division, Distribution Services.” Misco cites mutual synergies and the combined strength of Hamar group of companies as key benefits. “Denver offers immediate access to a wide array of hardwood flooring products and expertise” says Misco’s President Randy Gum, citing this as one of the major reasons for their choice of Denver Hardwoods. Gum has lead his company over the last year to refine and increase the company’s hardwood flooring selections, recently introducing Misco’s own highly acclaimed hardwoods collection, Shawnee Hardwoods. “Denver Hardwood and the Hamar Group will enable us to realize our full potential; we will enjoy a much larger platform from which to launch new products,” he said. “At the same time,” says Gould, “all of our vendor partners and customers will benefit from this pairing of companies.” Denver Hardwood will gain access to national distribution and gain a new, global perspective. “DSI is currently in active negotiations for several international and national market opportunities,” Gould said. Both management groups are willing admirers of the other speaking of their mutual respect and desire to work together. While behind the scenes the two companies will begin merging their resources and drawing upon each others expertise, customers will not likely see outward changes in Misco’s appearance. The company will retain its name and continue to under the direction of its current management group, as will its parent company.

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