Diverzify Partners w/ Spectra as Shaw Exits Commercial Contracting Biz
Chicago, IL, February 7, 2022-Diverzify and Spectra Contract Flooring and ProSpectra Contract Flooring, both divisions of Shaw Industries Group, will combine to form the largest independent commercial installation business in the world, with combined revenue of nearly $1 billion, 52 U.S. locations, a labor force of approximately 5,000 craftsmen and a sales force of approximately 300 serving more than 50,000 customers nationally.
With minimal existing overlap, the company will now have a brand presence in every major U.S. market to deliver a wide range of service capabilities. Both companies will continue to operate under their current brand names.
“We are very excited to bring three of the industry leaders together to create an unrivaled selection of service capabilities and deliver greater customer satisfaction and value,” said Jordan Zmijewski, CEO of Diverzify. “Spectra and ProSpectra, with their market presence and strong reputation for progressive, customer-centric service values, are the only businesses capable of completing our vision for a combined market-leading business.”
These companies bring a legacy of investment and improvement, providing a stable financial foundation for the combined company. Together, Diverzify, Spectra and ProSpectra bring strong bonding capacity, an EMR rating of 0.56, and financial resources to execute multi-million-dollar mega-projects. With a secure financial foundation, the company has freedom to invest in strategic growth assets and opportunities, including personnel, equipment, facilities, and complementary partnerships.
“We’re proud to see Spectra and ProSpectra become part of a financially strong contractor network where it will have more market flexibility and opportunity to serve new and existing customers,” indicates Vance Bell, executive chairman at Shaw. “As a major supplier to the commercial floor covering industry, Shaw looks forward to the future success of the combined entities.”
The company’s leadership team, led by CEO Jordan Zmijewski, will be a combination represented by Diverzify and Spectra/ProSpectra executives. Jim Pels, President of Spectra Contract Flooring, will become chief operating officer for the combined entity.
The new company’s scope of operations creates new career pathways, learning opportunities, and geographic mobility for individuals in or entering the industry.
Prior to this partnership, Spectra was owned by Berkshire Hathaway, founded in 1996 and were operating in 26 locations.
Formed largely through the combined assets, operations, and resources of commercial flooring industry leaders, Diverzify is a vertically integrated commercial flooring resource to commercial construction and facility management professionals worldwide, currently represented through U.S. service locations with approximately 1,500 employees and service providers. Diverzify is backed by Acon Investments, a Washington, D.C.-based private equity firm that also owns True Value Hardware, Fairway billboards and Borden condensed milk, and other brands for a combined asset value of $6 billion.
Listen to the interview with Jim Pels here.