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MFC Does it Again! Top 50 in U.S.

Mike’s Flooring Companies holds steady as #39 out of #50 for Top U.S. Specialty Flooring Retailers of 2018.

To read more visit: FCW March 18th, 2019 Edition

FCW 2019 Edition

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.

360Vision Announcement

Bart Snell Heads 360Vision Software, Inc.
360Vision Launches Revolutionary New Version of Flooring Software

Effective September 21, 2018

MFC has grown over the last several years, and undergone significant changes in its mix of customers. We made a significant investment in preparing an exciting new version of the flooring industry software previously known as FloorPro. Along with fifteen other flooring industry companies, we used FloorPro to manage all aspects of our operations. In 2015, we negotiated licensing and development rights to the intellectual property. For the last couple years we developed and extensively tested Floors360℠, and a number of enhancements and improvements have been included in the production version, now available to the market as of 9/24.

Bart Snell has worked alongside me the last four years, and he played a critical role in the company’s progress. With his assistance, we have implemented and documented efficiencies in our business processes that have permitted growth without the matching increases in our back-office support. We have become more effective in collecting receivables, and our average aging of A/R has been reduced.

We planned for Bart to transition into the full-time role of leading the software business, now called 360Vision. He has extensive experience with software-based technology companies, complemented by his business process engineering and enterprise resource planning software implementations. We have been using Floors360℠ progressively across most of our internal departments for the last year as various modules were completed. Floors360℠ replaces FloorPro (the prior version), and FloorPro has been in service for over 20 years with flooring customers in the retail, home construction, commercial, property management, and new construction segments.

Bart has completed his transition from the MFC flooring business, and will focus his time exclusively as the CEO of 360Vision Software, Inc., a stand-alone company dedicated to meeting the enterprise software needs of flooring industry companies. Bart will lead the team to expand the customer base, build strategic partnerships, and as needed raise capital to support the business plan. Bart will remain a Board member of MFC, and he will provide his advice and counsel as needed on strategic and financial issues.

We are excited with the transition of Floors360℠ from the development and beta-testing phase to production and sales. We wish Bart and his 360Vision team the best of luck. We are proud to be the initial investor sponsor of 360Vision, and first customer of the new version.

About MFC
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.

About 360Vision Software, Inc.
360Vision Software is a full-service software company delivering an enterprise resource process (ERP) software solution to floor-covering businesses as a complete workflow management system. Floors360℠ is the flagship product, along with supporting applications. The company offers three choices of the Floors360℠ software product line that are suited for flooring companies in the a() retail, (b) builder and home improvement subcontractor segments, and (c) companies providing property management services, commercial, and new construction flooring solutions. Floors360℠ is also easily adaptable for other contractor segments.

MFC Top 40 Specialty Flooring Retailers in U.S.

Mike’s Flooring Companies came in #39 out of #50 for Top U.S. Specialty Flooring Retailers of 2017.

To read more visit: FCW March 26th, 2018 Edition

MFC 2018 FCW

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.”

About MFC
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.

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