Live Ventures Acquires Flooring Liquidators For $84M; Hopes Deal To Increase Revenue By 50%

  • Live Ventures Inc LIVE has acquired the outstanding equity interests of Flooring Liquidators Inc, in a transaction valued at approximately $84 million.
  • Founded by Steve Kellogg in 1997, Modesto, California-based Flooring Liquidators provides floor, cabinets, countertops, and installation services in California and Nevada, operating 20 warehouse-format stores and a design center.
  • As part of the acquisition, Live Ventures will retain Flooring Liquidators' existing management team and all 625 employees and contractors.
  • "We expect the acquisition to increase our overall revenues by approximately 50%, or about $125 million per year, and grow in the coming years," said Live Ventures CEO Jon Isaac.
  • Live Ventures financed the transaction through a combination of cash, debt, including a $5 million note from Isaac Capital Group, and the issuance of 116,441 shares of its common stock, representing a 3.78% dilution of its stock.
  • Live Ventures held $4.6 million in cash and equivalents as of September 30, 2022.
  • Live Ventures also acquired Floorable, LLC, the company's franchise opportunity utilizing proprietary in-home shopping mobile showrooms.
  • Price Action: LIVE shares are trading lower by 0.46% at $36.65 on the last check Thursday.
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