The Tile Shop Merges With Acquisition Firm

Minneapolis, MN, June 29, 2012 -- The Tile Shop, a specialty retailer of manufactured and natural stone tiles, and JWC Acquisition Corp., a special purpose acquisition company, have agreed to merge.

The Tile Shop and JWC Acquisition Corp. will combine under a new holding company, Tile Shop Holdings, Inc., which plans to list its shares of common stock on the Nasdaq Stock Market under the symbol "TTS" upon the closing of the business combination.

The Tile Shop reported net sales of $152.7 million for the year ended December 31, an increase of 12.8% from $135.3 million in 2010.

From 2007 through 2011, The Tile Shop's net sales increased at compounded annual growth rate of 8.2%.

Since 2007, growth has been driven by a combination of opening 22 new retail locations and increases in same store sales.

The Tile Shop has opened eight new stores to date in 2012. It intends to open an additional five stores during the balance of 2012 and expects to open no less than 15 stores in 2013.

All the members of The Tile Shop management team will continue in their current positions under the new ownership structure.

Under the terms of the proposed business combination, Tile Shop Holdings will become the owner of all of the equity of JWC Acquisition Corp. and The Tile Shop.


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