Transforms balance sheet to debt-free, strong net cash position providing significant financial flexibility
Concentrates efforts on maximizing value in the stone and tile distribution market and expands margin profile
ATLANTA, May 09, 2021 (GLOBE NEWSWIRE) Select Interior Concepts, Inc. (NASDAQ: SIC), a premier installer and distributor of interior building products, today announced that it has entered into a definitive agreement to sell its Residential Design Services segment (“RDS,”) in an all-cash transaction to Interior Logic Group (“ILG”), a portfolio company of Blackstone. The transaction is valued at approximately $215 million, subject to customary purchase price adjustments, and is expected to close mid-2021, subject to customary closing conditions which includes the receipt of required regulatory approvals. SIC intends to use the proceeds from the transaction to repay all its outstanding indebtedness and capital lease obligations.
Select Interior Concepts to Sell Its RDS Segment to Interior Logic Group for $215 Million
$215 million purchase price provides attractive valuation for RDS and to shareholders
Transforms balance sheet to debt-free, strong net cash position providing significant financial flexibility
Concentrates efforts on maximizing value in the stone and tile distribution market and expands margin profile
ATLANTA, May 09, 2021 (GLOBE NEWSWIRE) Select Interior Concepts, Inc. (NASDAQ: SIC), a premier installer and distributor of interior building products, today announced that it has entered into a definitive agreement to sell its Residential Design Services segment (“RDS,”) in an all-cash transaction to Interior Logic Group (“ILG”), a portfolio company of Blackstone. The transaction is valued at approximately $215 million, subject to customary purchase price adjustments, and is expected to close mid-2021, subject to customary closing conditions which includes the receipt of required re
Select Interior Concepts (NASDAQ:SIC) shares are trading higher after the company announced it entered into a definitive agreement to sell its Residential Design Services segment to Interior Logic Group for $215 million. We will continue distinguishing ourselves by our innovative technology and commitment to grow with our customers through trusted partnerships and relationships, said Chief Executive Officer Alan Davenport of Interior Logic Group.
Select Interior Concepts Inc is a diversified product and service company that acts as an installer and distributor of interior building products in residential interior design services.
The stock was trading 16.91% higher at $10.44 per share at the time of writing. The stock has a 52-week high of $10.88 and a 52-week low of $2.03.
Select Interior Concepts: Q1 Earnings Snapshot
May 6, 2021
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ATLANTA (AP) Select Interior Concepts, Inc. (SIC) on Thursday reported a loss of $1.8 million in its first quarter.
On a per-share basis, the Atlanta-based company said it had a loss of 7 cents.
The company posted revenue of $137.8 million in the period.
Select Interior Concepts shares have climbed 14% since the beginning of the year. The stock has nearly tripled in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIC at https://www.zacks.com/ap/SIC
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Select Interior Concepts Announces 2021 First Quarter Financial Results
Select Interior Concepts, Inc.May 6, 2021 GMT
ATLANTA, May 06, 2021 (GLOBE NEWSWIRE) Select Interior Concepts, Inc. (NASDAQ: SIC), a premier installer and nationwide distributor of interior building products, today announced its financial results for the first quarter ended March 31, 2021.
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS COMPARED TO FIRST QUARTER 2020
Consolidated net revenue of $137.8 million, compared to $134.4 million
Gross profit was $33.9 million, compared to $30.7 million
Net loss was ($1.8) million, or ($0.07) earnings per share (EPS), compared to ($4.0) million, or ($0.16) EPS
Adjusted EBITDA of $9.6 million, compared to $4.5 million