Milestone Merchant Partners Acquires Florida Tile

Washington, DC, Nov. 11--Milestone Merchant Partners, LLC, the Washington, DC-based merchant bank, announced the purchase of Florida Tile Industries, Inc. from Illinois Tool Works Inc.'s subsidiary, Premark International, Inc. "We are pleased to conclude the purchase of Florida Tile. The company has a distinguished history and a strong management team and we are excited about its future," said Murry N. Gunty, Managing Director of Milestone. Matthew Galvez, a Managing Director of Milestone, was named President and Chief Executive Officer of Florida Tile, while Scott Fullerton was named Chief Operating Officer. "Florida Tile has long been a leader in the industry with one of the best brands in the business. Milestone is thrilled to be in a position to help the company become stronger, both strategically and financially," said Galvez. COO Fullerton added, "I believe that the combination of Florida Tile's strengths and Milestone's financial and operational expertise makes this an excellent opportunity that will benefit our customers and partners in the industry." Founded in 1954, Florida Tile Industries, Inc. is the second largest manufacturer and distributor of ceramic wall and floor tile in the United States with $120 million in revenue. The company's ceramic floor, wall, trim, and natural stone lines are designed for the residential and commercial markets. The company distributes its products through a network of independent distributors and 36 company-operated stores. The company's corporate headquarters are located in Lakeland, FL with manufacturing facilities in Lawrenceburg, KY, Shannon, GA and Lakeland, FL. Milestone Merchant Partners, LLC, is a full-service merchant bank based in Washington, DC with offices in Short Hills, NJ and Miami. Milestone offers a full range of investment banking services through Milestone Advisors, LLC, a registered broker dealer and member of the National Association of Securities Dealers, Inc. Milestone has an active private equity investment business through Milestone Capital Management, L.P. Milestone seeks investments in under-performing or out-of-favor companies that have been "orphaned" by large corporate entities, institutional investors and/or the capital markets in a broad range of industries, including manufacturing/distribution, health care, restaurants, insurance, lodging, specialty retail and business services.

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