U.S. investment firm Live Ventures has offered to buy LL Flooring Holdings Inc , formerly known as Lumber Liquidators, for about $190-$200 million in cash, according to a letter seen by FLOOR Trends & Installation.
LL Flooring said in August that it was exploring strategic alternatives, including a possible sale. Headquartered in Richmond, Virginia, LL Flooring and one of the country's leading retailers of hard-wood surface flooring.
In the letter, Live Ventures stated:
"Live Ventures has considerable experience working with retailers that have faced similar challenges LL Flooring is confronted with today. It is encouraging that the Board has recognized these headwinds by announcing the initiation of a strategic alternatives process, especially considering the material losses shareholders have experienced over the past several years. We fear that the Company’s stock price will continue its decline unless LL Flooring enters into a transaction with a well-capitalized acquiror that has extensive experience working with synergistic retailers in the near term."
Flooring represents 46% of Live Ventures' total 2022 revenue and a combined entity would be one of the largest flooring retailers in the United States. The company said a transaction with LL Flooring, which includes 442 stores spanning 47 states across the U.S., would be synergistic. Live Ventures' portfolio includes Marquis Industries, Inc., a leading carpet and hard-surface flooring products manufacturer for which it reports growth revenue levels approximately 117% since acquiring it in 2015, as well as Flooring Liquidators, Inc., a retailer and installer of floors, carpets and countertops, which it acquired earlier this year for $85 million.