Port Chester, NY, June 30--The Invironmentalists and RD Weis Companies are pleased to announce RD Weis Companies' intention to acquire certain assets in The Invironmentalists' New York, NY and Canton, MA locations. These branches serve the New York metropolitan area and the Greater Boston area, respectively. The proposed transaction covers the maintenance business in Greater Boston, and both the commercial product and installation, and maintenance businesses serving New York City.
RD Weis Companies will offer continuous service to all customer accounts previously served by The Invironmentalists out of its New York City location, and to maintenance accounts serviced from its Boston branch. After the transaction closes, the Boston business and customer base will fall under the jurisdiction of RD Weis' Boston area office, located in Allston, MA. In addition to the proposed sale, RD Weis Companies will enter into an agreement with The InvironmentalistsTM to provide maintenance service to its customers using its proprietary - ResisTech technology for a limited time.
"This acquisition is a natural fit for RD Weis," said Randall Weis, President of RD Weis Companies. "Both companies place a high value on proactive service and are advocates for sustainable flooring products and environmentally responsible services. And I am especially pleased to be working with an executive team headed by George Ringel, a veteran in the New York City floor covering industry, who will function as Executive Director of the New York City office and the warehouse operation in Secaucus, NJ. Our two organizations are so closely aligned in the products we offer that I am confident the impact on customers will be purely beneficial - with no disruption whatsoever."
"We are very pleased to work with Randy Weis and RD Weis Companies in the sale of the New York City and Boston locations of The Invironmentalists. We believe that RD Weis is the ideal buyer to leverage their knowledge of these markets in servicing the existing customer base and build upon it," said Tim Durkin, President of The Invironmentalists. "This transaction is one step in our ongoing restructuring plan, and allows us to focus our efforts on our core locations as we build upon The InvironmentalistsTM business and reputation for delivering value."
The Invironmentalists were advised in this transaction by Carl Marks Capital Advisors. The parties expect the transaction to close by June 30, 2004.