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

Benzinga Real-time News · Jan 19, 2023 11:12

LIVE -4.26%

Live Ventures Inc (NASDAQ: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.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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