Five Commercial Contractors Joining to Form F5 Finishes, Launching IPO
San Francisco, CA, November 11, 2019-Five commercial contractors are coming together and eyeing an IPO [initial public offering], according to the San Francisco Business Times.
F5 Finishes is comprised of DSB+ and Premier Maintenance Group of San Francisco, California; Carpet Services of Tampa, Florida, DBA Resource Flooring; Contract Carpet Systems of Beltsville, Maryland; JD Shehadi of Fairfield, New Jersey, DBA Shehadi Commercial Flooring; and Universal Metro of Santa Fe Springs, California. The group is led by Mike Patton of DSB+, who will serve as CEO.
Shehadi and Resource Flooring are Fuse members, while the other three orgainizations are Starnet members.
“F5 Finishes filed registration papers with the Securities and Exchange Commission on Thursday to raise up to $49 million. It plans to list on the Nasdaq stock market under the ticker ‘FLRZ.’
“When the offering and consolidations are completed, F5 said it will be among the 10 largest commercial flooring companies in the country, with $111.3 million in revenue for the 12 months ending June 30, 2019. Adjusted earnings before interest, taxes, depreciation and amortization in that period were $7.1 million.
“The company will have 11 offices and warehouses totaling 100,000 square feet in Beltsville, Maryland; Fairfield, New Jersey; Tampa, Florida; and Tustin, Livermore, Petaluma, San Francisco, San Jose and Santa Fe Springs, California.”