Jacob raised $850K on Mainshares and acquired North Carolina flooring company, Floors Galore
Jacob Voswinkel successfully closed on $850k in investor financing to become the owner of growing flooring installation company with $1mm+ in EBITDA, Floors Galore.
Jacksonville, NC
Location
Flooring Installation
Industry
$6-7M
Revenue Range
Meet Jacob Voswinkel
Meet Mainshares Entrepreneur and CEO of Equity Commercial Holdings, Jacob Voswinkel.
Jacob Voswinkel, new owner of Floors Galore
Jacob was born and raised in Austin, TX. He received his BA in Economics from the University of Texas. Prior to leaving the corporate world to pursue acquisitions full-time, Jacob worked as a trader on commodity and mortgage-backed securities desks where he helped his firms net over $400,000,000.
Outside of his work trading, Jacob has been an avid real estate entrepreneur. He previously bought, turned- around, and sold a distressed 135-unit storage business. He also has experience flipping houses, estimating construction costs, and managing subcontractors. During his acquisition search, Jacob started a freelance recruiting and consulting firm to help founders with executive placement and process automation.
About Floors Galore
Will Morton grew up in Eastern North Carolina and was always in the real estate and construction spaces close to home. With this background, he leveraged a relationship with a local builder to begin installing the flooring in the builder’s new construction projects, before diversifying and professionalizing with the national builders who are the company’s main clients.
Operating from its headquarters in Jacksonville, North Carolina, Floors Galore specializes in the retail sale and installation of a wide variety of flooring products for residential applications.
The Floors Galore shop in Jacksonville
The Company’s primary service is providing and installing laminate, carpet, luxury vinyl, and tile in single-family homes for regional and national builders. The Company has a proven track record, supported by over ten years of ongoing business.
Jacob was attracted to Floors Galore due to its strong market position and significant growth potential. The company has established itself in Eastern North Carolina with a competitive edge, thanks to its limited local competition and strong relationships with major builders. Floors Galore's unique positioning, pre-existing executive team, and strong customer track record make it a compelling investment for Jacob, who is eager to capitalize on its growth potential.
Raising Equity with Mainshares
Jacob structured his investment opportunity as a 506(b) offering, featuring both preferred and common equity.
It was a fantastic experience working with Mainshares for our raise. Fourteen days after going live we hit our investment goal, and the investor base from Mainshares offered excellent support through closing. I can’t thank them enough.
Jacob Voswinkel
Proud owner of Floors Galore
All investor equity will receive a 10% annual preferred return on unreturned capital, by way of quarterly distributions. At a 2x step-up and a $850,000 total raise, investors will own approximately 22% of the equity.
In addition to raising equity with Mainshares, Jacob used an SBA 7(a) loan, provided by Huntington National Bank.
Jacob plans to return all invested capital in the first 5 quarters, and use cashflow after pay-back to grow, pay down debt, and distribute dividends when appropriate.
The deal went live on Mainshares on May 9th and successfully closed 78 days later. Among the investors in Jacob’s deal is Johannes Hock, a seasoned investor with a track record of successful ventures.
I’m really excited to back Jacob as the new owner of Floors Galore. I’ve been investing in SMB deals over the past few years, after acquiring my own company in 2022. This deal met the key criteria of what I look for: a cash-flowing business being acquired at a reasonable multiple; a hungry, but focused owner-operator; and an industry that’s here to stay.
Johannes Hock
SMB Owner and Investor
Next Steps in Jacksonville, NC
With the transaction closed as of July 9, 2024, Jacob has been hard at work with the ownership transition. At Mainshares, we’re passionate about backing the next generation of American owner-operators throughout their journeys.
If Jacob’s story resonated with you, here are a few asks he had for the community:
Join my network of business buyers
I'm always interested in meeting additional searchers and small business entrepreneurs. I have a contact form if you'd like to get to know each other.
Refer other flooring company owners
I plan to expand Floors Galore through buying additional flooring companies. If you know of an owner of a flooring company who is considering retirement, I would appreciate any referrals!
As always, if you have any questions or feedback, please visit our help center or reach out to us at success@mainshares.com.
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