WILsquare Capital, a St. Louis-based private equity firm, announced its portfolio company, Crown Products Inc., completed the acquisition of Upper Midwest distributor Tri-State Wholesale Flooring (Sioux Falls, S.D.).
WILsquare Capital, a St. Louis-based private equity firm, announced its portfolio company, Crown Products Inc., completed the acquisition of Upper Midwest distributor Tri-State Wholesale Flooring (Sioux Falls, S.D.).
Tri-State was founded in 1964 and services North Dakota, South Dakota, Nebraska, Iowa, Wyoming, Montana and Minnesota.
"Beginning with an introductory phone call two years ago, we have developed a meaningful relationship with the WILsquare and Crown team centered on shared values, ethics, and commitment to success,” stated John Rozell, owner and founder of Tri-State.
The terms of the acquisition were not disclosed.
“John Rozell and Joe Gaspar (owner and president of Tri-State) have built a tremendous organization over the past 27 years,” stated Jack Randazzo, director at WILsquare Capital. “Their understanding of flooring products, long-standing relationships with industry-leading flooring suppliers and deep commitment to their customer base is distinguishable.”
Tri-State is the fourth flooring distributorship acquired by Crown Products in recent years, following its purchase of Walcro LLC (Bloomington, Minn.), Cartwright Distributing Inc. (Denver) and Jer-And Inc. (St. Louis, Mo.).