Mike’s Flooring Companies Announce Record 2017 Realignments for 2018
Mike’s Flooring Companies (MFC), a rapidly growing company providing flooring solutions for multifamily, commercial and residential properties from Miami to Maine, announced today that it had closed a new credit facility and realigned certain leadership positions. This action followed a record year for the company in 2017 with revenue growth in all customer categories and geographic areas. MFC operates in six of the top 10 multifamily housing markets, as determined by a study released last Fall by FEI Multifamily.
MFC completed in February 2018 the refinancing of its short-term and long-term credit facilities with Beltway Capital Management, LLC. “We are pleased to have Beltway Capital as our strategic financial partner, and believe we are able to turn more of our executive attention to our customers’ requirements,” said Mike Schreiber, MFC COO. “ We appreciate the patience and support of our long-term supplier partners, who have been with us since we started MFC 30-years ago,” he added.
After several years of growth, MFC will continue to pursue growth in its current markets while strengthening and standardizing its business process execution across all locations. An equal priority is to strengthen and deepen relationships with customers who operate in more than one of MFC’s geographic locations. To that end, the Company announced that Mike Schreiber is taking the newly created position of Chief Operating Officer to work more closely with branch office leaders and field employees. Mike will be able to spend more face time with customer executives, and assist the MFC branches to operate as ‘One Company’ in executing its internal business processes. Complementing this change, Leslie Schreiber will take the newly created position of Chief Administration Officer. Leslie’s team includes all field support activities including installer scheduling, compliance, billing, credit approval, purchasing, and vendor payables. The company has made strides in recent years to more centrally manage the functions, and will benefit from bringing the related functions under Leslie’s capable leadership.
Bart Snell was appointed MFC President and CFO, to coordinate activities across the company as well as directly manage the HQ functions of Finance, Treasury, IT, HR, and external partner relationships. Mike Schreiber, Chairman of the MFC Board of Directors, said ”,Bart has been with us since late 2013, and he has consistently provided that ‘next-level’ leadership advice and counsel we needed. We are excited with the changes announced today, as we believe we are now structured for continued growth with improved business process effectiveness and financial health.”
MFC is celebrating its 30th anniversary in 2018, and is a privately-held company operating in the following states along the Atlantic seaboard: Florida, Georgia, North Carolina, Virginia, District of Columbia, Maryland, New Jersey, New York, Connecticut, Rhode Island, Massachusetts, and Maine. The company provides all flooring surface solutions to retail, commercial, new construction multifamily, and property management customers. Headquartered in Chantilly, Virginia, the company has nine locations serving customer in each market, and whenever possible applies technology to reduce defects and reduce costs. 360Vision Software (previously Advanced Floorings FloorPro product line), an enterprise resource planning (ERP) software solution designed for the flooring industry, will deliver a major new version in early 2018.