PLATINUM EQUITY PORTFOLIO COMPANY PARAMOUNT GLOBAL SURFACES ACQUIRES STONE SOURCE

Acquisition of National Tile and Stone Distributor Strengthens PGS Offeringin Growing Commercial Flooring Market

LOS ANGELES and MIAMI, April 1, 2024 /PRNewswire/ -- Platinum Equity portfolio company Paramount Global Surfaces (PGS) announced today the acquisition of Stone Source from a group of investors led by Founders Equity. Financial terms were not disclosed.

Headquarted in New York, Stone Source distributes natural stone, ceramic tile and other decorative surfaces to contractors and consumers via the architect and design channel for commercial and high-end residential use.

The commercial flooring market began to rebound in 2021 and is poised to experience meaningful growth, said PGS CEO Mike Draves. Stone Source has a well-recognized brand, talented employees and an outstanding reputation, which will help us capitalize on these tailwinds as we continue to grow and diversify our business.

Stone Source's products are used primarily in a broad range of commercial flooring applications similar to PGS's Ceramic Technics division, which also distributes into the commercial flooring market. Stone Source also distributes products for residential applications and will complement the Happy Floors division of PGS, which serves the residential market through a network of 6,000+ independent dealers.

Joining forces with PGS will provide Stone Source the benefit of greater scale and enable delivery of a more comprehensive product offering to our customers, said Stone Source CEO Joe MacIsaac. I'm proud of the way our company has performed and navigated the challenges posed by the pandemic over the past two years. This is an exciting new opportunity and I look forward to the road ahead.