Financial terms of the transaction were not disclosed.
Linsalata, a Mayfield Heights, Ohio-based private equity firm, sold Paramount Global Surfaces out of its Miami-based portfolio company Happy Floors, which serves more than 6,000 independent dealer customers throughout the United States.
Paramount Global serves some of the fastest growing segments of the floor covering market as consumer preferences shift toward tile and luxury vinyl tile products, according to a Platinum Equity statement. Other economic influences were also a factor in Platinum Equity’s decision to pursue the deal.
“Covid and demographic trends are also driving a shift in consumer lifestyle that is stimulating increased new home construction and renovation activity, and we anticipate the impact of these tailwinds will be felt for years to come,” said Platinum Equity Partner Jacob Kotzubei.
Paramount Global is an importer and distributor of ceramic and porcelain tile used in residential and commercial flooring applications in higher-end tile segments.
The acquisition leverages Platinum Equity’s expertise in the building products sector, where it has been an active player.
“We have a lot of experience investing in building products companies,” Kotzubei said. “We will put our (merger and acquisitions) and operational resources to work ... to diversify (Paramount Global) by product type, geography, channel and customer segment.”
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