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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