Miami-based Paramount Global Surfaces announced April 1 that it has acquired fellow commercial flooring distributor Stone Source from a group of investors led by Founders Equity.
Terms were not disclosed.
Based in New York, NY and founded in 1988, Stone Source is a distributor of natural stone, ceramic tile and other decorative services. The company caters to contractors and consumers in the architect and design channel for commercial and high-end residential use. The company also has locations in New Jersey, Massachusetts, Illinois, Washington D.C., Tennessee, Texas and California.
PGS, meanwhile, is owned by Platinum Equity, which bought the distributor last year. PGS is a developer, importer and distributor of premium porcelain tile and luxury vinyl tile floor coverings used mainly in remodel and replacement solutions for residential and commercial customers.
“The commercial flooring market began to rebound in 2021 and is poised to experience meaningful growth,” said PGS CEO Mike Draves. “Stone Source has a well-recognized brand, talented employees and an outstanding reputation, which will help us capitalize on these tailwinds as we continue to grow and diversify our business.”
Founded in 1987, PGS has two primary brands: Happy Floors and Ceramic Technics.