MFC Announces Additional Working Capital Line of Credit Facility

MFC Press Release

MFC Announces Additional Working Capital Line of Credit Facility

March 4, 2019

Mike’s Flooring Companies (MFC), a rapidly growing company providing flooring solutions for multifamily and commercial customers from Miami to Massachusetts, announced today that it had negotiated an expanded credit facility with its senior lender. This action followed a record year for the company in 2018. MFC operates in six of the top 10 multifamily housing markets, as determined by a study released by FEI Multifamily.

MFC expects to complete this transaction during mid-March 2019. As part of the discussion leading up to this transaction, it was also agreed that further long-term capital was necessary for the Company to achieve its growth potential. The parties reached a preliminary agreement to take further steps to improve the strength of the MFC Balance Sheet, as needed, during 2Q19.

“We deeply appreciate the vote of confidence by our senior lender with their commitment to provide additional working capital to MFC,” said Bart Snell, MFC President and CEO. “We also wish to thank those suppliers and manufacturers who worked with us over the last several months to meet customer requirements while we reached a longer-term funding solution.”

About MFC
MFC is celebrating its 31st anniversary in 2019, 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, and Massachusetts. The company provides all flooring surface solutions to commercial, new construction multifamily, and property management customers. Headquartered in Chantilly, Virginia, the company has eight locations serving customers in each market. MFC is also the principal investor in 360Vision Software (previously Advanced Floorings FloorPro product line), an enterprise resource planning (ERP) software solution designed for the flooring industry, and will deliver a major new version in early 2019.

The company’s website is www.mikesfloorco.com.

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