CriterionBrock Buys Golden Creek Carpets

CriterionBrock, a Portland, Ore.-based provider of floor covering services for multi-family housing in the Western U.S., has acquired Golden Creek Carpets Inc. of Houston, Texas. No financial terms were disclosed for the deal, which was financed by Webbush Capital Partners, the Oregon Investment Fund and CriterionBrock management.

 

PRESS RELEASE

Wedbush Capital Partners is pleased to announce that portfolio company CriterionBrock has acquired Golden Greek Carpets, Inc., a Houston-based provider of carpet installation services for the multi-family housing industry.  The transaction expands CriterionBrock's geographic footprint to include Southeast Texas, further cementing its position as the industry leader in the Western United States.  Golden Greek's founder and president, Andy Grepares, contributed equity for the transaction and will join Cary Jackson, CEO, and Cathi Brock, President and COO, as a key member of CriterionBrock's management team.  Wedbush Capital led the investment, with additional participation from the Oregon Investment Fund and management.

 

Texas, with the highest number of multi-family apartments in the nation, is a key market for CriterionBrock.  “We are excited to have accomplished this partnership with Golden Greek,” noted Jackson.  “Over the years, Andy and I have had numerous discussions about the opportunities to grow our companies.  It is a pleasure to be pursuing these opportunities together.”

 

“I am very pleased to be joining Cary Jackson, Cathi Brock and the Wedbush Capital team to achieve our shared vision of building the nation's pre-eminent provider of floor covering services for multi-family housing,” commented Andy Grepares, president of Golden Greek.  “I have known Cary and Cathi for many years, and have the utmost respect for them.  With Wedbush Capital as our partner, we are poised for tremendous growth and success.”

 

Like CriterionBrock, Golden Greek services numerous regional/national REITs and apartment management firms, installing flooring products primarily on a replacement basis.  Demand is driven largely by tenant turnover with only a small percentage of revenue derived from the new construction and rehabilitation markets.

 

 “Andy has built a terrific company that is extremely synergistic with the existing CriterionBrock operations,” said Geoff Bland, managing director of Wedbush Capital Partners.  “Since our recapitalization of Criterion Custom Floors ten months ago, Cary has exceeded our expectations in growing the company organically and by partnering with Cathi Brock and Andy Grepares.”

 

 About CriterionBrock, Inc.

 

 Established in 1982 and headquartered in Portland, Oregon, CriterionBrock is one of the largest providers of floor covering services to the multi-family housing industry in the Western United States.  CriterionBrock has a comprehensive staff of experts and is able to service multiple customer locations from its ten branches along the West Coast and Southwest United States.  CriterionBrock focuses on providing reliable service, easy ordering, consistent invoicing, and quick project turnaround.  The company's expertise and resources that have been developed over decades of experience allow it to service customers at all levels with installations, treatments, audits, repairs, and customized property reports.  For more information, please visit www.criterionbrock.com.

 

 About Golden Greek Carpets, Inc.

 

Founded in 1975, Golden Greek Carpets, Inc. is a Houston-based provider of flooring products and installation services to the multi-family housing industry.  The company's dedication to consistent, professional service has made Golden Greek Carpets one of the premier installation services companies in the Southeast Texas region.   For more information, please visit www.goldengreekcarpet.com.

 

 

 

About Wedbush Capital Partners

Wedbush Capital Partners is a private equity firm focused on recapitalizations, growth investments, and management-led buyouts of lower middle-market companies. Wedbush Capital acquires and builds growing companies headquartered in the Western U.S. with revenues ranging from $10 to $50 million and operating cash flow of $1 to $5 million at the time of the investment. The firm's preferred initial investment is $2 to $10 million of equity. Since 1980, Wedbush Capital and its professionals have invested in more than 80 companies in industries including consumer products and services, business and financial services and niche manufacturing. Wedbush Capital is an affiliate of Wedbush Morgan Securities, founded in 1955 and one of the largest investment banks and brokerage firms in the Western United States. For more information, please visit www.wedbushcapital.com or call (213) 688-8012.