Galleher Sells Business to Itochu

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Galleher Sells Business to Itochu
Santa Fe Springs, California, February 13, 2007--Galleher, Inc., a privately-held floor covering distributor located in Santa Fe Springs, California, has agreed to sell its business to Itochu Corporation. Galleher had sales in excess of $115 million dollars in 2006 and is ranked as the 11th largest distributor in the United States. Terms of the deal were not disclosed, but Galleher, Inc., will continue to operate as a subsidiary within the Itochu Group. Itochu Corporation, headquartered in Japan, is a general trading company with more than $18 billion in revenues in 2006. 

Mr. Tomoaki Kato, general manager of Itochu Corporation, and Mr. Jeff Hamar, president of Galleher, Inc., agree that this transaction represents a “significant milestone for both groups to expand their floor covering distribution businesses by providing greater capital and resources to serve their customers and to maintain strong relationships with suppliers.” For Itochu, the acquisition allows for a platform to establish U.S. based distribution for hard surface flooring. For Galleher, the merger opens the opportunity to expand their customer base and to develop new product lines by leveraging their sales force.  Over time, additional growth strategies will emerge that will make Galleher a more significant force in North America.

All members of management of Galleher, Inc., will remain with the business going forward, including Jeff Hamar, Todd Hamar, Vicki Dryden and Raymond Iodice. There are no planned changes to the business at this time, and Jeff Hamar confirms that the company will operate under the premise of “business as usual.”