Redi Carpet Acquires Young’s Flooring

Houston, TX, November 1, 2006--In its ongoing quest to secure coverage in the country’s top multi-family markets, MultiFamily Solutions Member Redi Carpet, Houston, TX, recently acquired Virginia Beach, Virginia-based Young's Flooring. While Young’s Flooring primarily services the metro-Norfolk multi-family markets, its 15 employees have aggressively grown the company’s builder business, too. When asked what made the deal so attractive to Redi Carpet, Jerry Hosko, president and COO, explains, “We saw a lot of synergies. When two unique companies have so many similarities, the transition is more seamless, and because many of Young’s processes are like ours, we’ll become that much more efficient.” The acquisition will add roughly $10 million in sales to the Redi Carpet organization, which is currently ranked 29th on the Top 100 Retailers list published annually by Floor Focus Magazine. Coincidentally, both Redi Carpet and Young’s Flooring have been in business 25 years. Greg Waleke, CEO of Redi Carpet, was also excited about the deal. “The acquisition made sense for several reasons,” he says. “The Young’s team is very experienced; they’ve built a tremendous staff. We’re also fortunate in that owner Tommy Young will remain with the company in a sales capacity.” Waleke adds that Redi Carpet management also took into consideration the amount of growth in the Virginia Beach area, which has been and will continue to be significant. Young’s Flooring will continue to market itself under the Young’s Flooring name. The purchase was effective October 27, 2006. Redi Carpet is one of the founding Members of the billion dollar FloorExpo network. Currently, the FloorExpo Membership, which consists of the Home Solutions and MultiFamily Solutions brands, has revenues of $2.5 billion.

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