Diverzify, a portfolio company of ACON Investments, has merged with Spectra Contract Flooring and ProSpectra Contract Flooring, to form a national flooring installation and facility services provider. No financial terms were disclosed. Spectra and ProSpectra were subsidiaries of Shaw Industries Group, a subsidiary of Berkshire Hathaway Inc.
CHICAGO and ATLANTA, Feb. 7, 2022 /PRNewswire/ — Diverzify+ (“Diverzify” or the “Company”) announced today that it has completed a business combination with Spectra Contract Flooring and ProSpectra Contract Flooring, subsidiaries of Shaw Industries Group, Inc., a subsidiary of Berkshire Hathaway Inc. (NYSE: BRK.A). Following the acquisitions, the leadership team of Diverzify will partner with the executive team of Spectra and ProSpectra to lead the combined company going forward. Diverzify is a portfolio company of Washington, DC based private equity firm ACON Investments, LLC (“ACON”). Financial terms of the transaction were not disclosed.
Diverzify, based in Itasca, Illinois, is a leading commercial flooring installation and related facility services provider with national reach, servicing 49 states. The Company serves a diverse array of customers in attractive end markets, including healthcare, education, multi-family, industrial and government. The combination with Spectra and ProSpectra will expand the combined company’s footprint to approximately 52 locations across the U.S., generating nearly $1 billion in revenue, as well as expand its customer base, end-markets and service offerings.
“We are excited to continue our growth path alongside our financial partner, ACON, in executing this transformative acquisition which brings Spectra and ProSpectra into our expanding family of companies. This combination will benefit our customers, supplier partners, and associates and enable us to continue providing best-in-class installation, maintenance, and facility services offerings,” said Diverzify CEO Jordan Zmijewski. “We were attracted to Spectra’s and ProSpectra’s strong market position, reputation, geographic presence in growing markets, and customer-driven focus. Through our partnership with ACON, we have grown our business into a prominent facility services platform that operates nationwide and offers clients, who range from Fortune 100 to regional companies, a differentiated value proposition and a variety of services across substrate and facility types.”
Mo Bawa, a Partner of ACON added, “We are pleased to assist Diverzify in its organic and acquisition-oriented growth plan. We believe the combination with Spectra and ProSpectra, which comes only nine months after our initial partnership with Diverzify, will combine three highly respected leaders in a fragmented space. The companies provide essential services to facilities across multiple geographic end-markets and facility types that are experiencing tremendous growth due to greater outsourcing to scaled service providers, increased aging of infrastructure and expanding health and safety requirements.”
Formed largely through the combined assets, operations, and resources of commercial flooring industry leaders, Diverzify is an advanced-model vertically integrated commercial flooring resource to commercial construction and facility management professionals worldwide. Currently represented through U.S. service locations with approximately 1,500 employees and service providers, the Diverzify enterprise blends traditional craftsmen service quality with advanced proprietary technologies to establish a new standard of service for the commercial flooring industry. Diverzify market brands include Diverzify+, RD Weis Companies, Floors by Beckers, Lane’s Floor Coverings, Collaborative Turnkey Solutions (CTS), Kenny Floor Covering, CCS Floors, Kiefer USA, Select Prefab Solutions (SPS), Flooring Solutions, Epoxy S.I., and Pavilion Floors. For more information about Diverzify, visit https://www.diverzify.com.
About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based middle market private equity investment firm managing $6.2 billion of assets under management across private equity funds and special purpose partnerships. Founded in 1996, ACON has 26 years of experience successfully investing and operating businesses in the Industrial, Consumer Retail and Business Services sectors. For more information, visit www.aconinvestments.com.