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Mill Point Capital Announces the Sale of International Designs Group
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Rhea-AI Summary
Mill Point Capital LLC (NYSE: HD) has entered into a definitive agreement to sell International Designs Group (IDG) to The Home Depot. IDG is a distributor, seller, and custom fabricator of design-oriented surfaces, appliances, and architectural specialty products. The company serves professional customers across renovation, remodeling, new construction, and multi-family. Under Mill Point’s ownership, IDG completed transformational acquisitions, expanded its geographic footprint, and broadened its product offering. The exceptional management team has driven efficiencies and executed key strategic initiatives, including the development of proprietary brands. The transaction is expected to close by the end of 2023.
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DECATUR, Ga. & NEW YORK--(BUSINESS WIRE)--
Mill Point Capital LLC (“Mill Point”), a private equity firm focused on control-oriented investments in the Business Services, Industrials and IT Services sectors, announced today that it has entered into a definitive agreement to sell International Designs Group (“IDG” or the “Company”) to The Home Depot (NYSE: HD).
IDG is an established distributor, seller and custom fabricator of design-oriented surfaces, appliances and architectural specialty products. The Company’s products are featured in multiple areas of the home, including flooring, walls, countertops, decking and fireplace surrounds, among others. IDG serves a diverse group of professional customers across renovation, remodeling, new construction and multi-family. The Company is headquartered in Decatur, GA and operates showrooms and fabrication facilities across the Eastern U.S.
Mill Point formed the IDG platform in 2022 with the acquisition of Cancos Tile & Stone. Under Mill Point’s ownership, IDG completed two transformational acquisitions, Construction Resources and Trajus Surfaces, which expanded geographic footprint into high growth areas such as the Southeastern United States, enhanced surfaces distribution capabilities and broadened product offering to include appliances and other specialty products. As a result, IDG brings to market a comprehensive offering for a variety of custom construction and remodeling solutions. In addition, the Company has executed upon several key strategic initiatives, including new showroom and distribution location openings, and the development of its proprietary Forum Quartz and Pompeii Quartz brands. IDG’s exceptional management team, led by Mitch Hires, has also augmented its senior talent, diversified supplier relationships and driven efficiencies in the business.
“Mill Point has been a tremendous partner to IDG. With their guidance and support, we have successfully completed many initiatives that have grown the business meaningfully. As we embark on our next chapter with The Home Depot, IDG is excited to continue executing our strategic plans to become the premier multi-product supplier to professional customers in our footprint,” said Mitch Hires, CEO of IDG.
“In a short period of time, our partnership with IDG’s outstanding management team and dedicated employees has transformed the Company into a highly sought-after strategic platform. We are delighted that IDG has joined The Home Depot and look forward to following its continued success,” said Michael Duran, Founder and Managing Partner of Mill Point.
“Mitch and the entire IDG team have built a tremendous platform, which will continue to flourish within The Home Depot’s organization. We are honored to have worked closely with them to achieve several milestones, and they are well-positioned moving into their next phase of growth,” said Rick Bennet, Mill Point Executive Partner.
The transaction is subject to customary closing conditions and is expected to close by the end of 2023.
About International Designs Group
Based in Decatur, Georgia, International Designs Group is a supplier of slab, tile, appliances and specialty products for the kitchen and bath industry. IDG offers proprietary brands such as Pompeii Quartz and Forum Quartz, as well as its CTC (Cancos) tile label. IDG operates showrooms in several eastern U.S. states, including Georgia, South Carolina, Florida and New York. IDG’s extensive range of products, combined with the Company’s service expertise, ensure that every step of the purchasing process is seamless and hassle-free for trade partners and homeowners. For more information, please visit www.internationaldesignsgroup.com.
About Mill Point Capital
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies in North America specializing in the business services, industrials, and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. To date, Mill Point has completed 80 platform and add-on acquisitions and manages approximately $2.5 billion in assets under management, as of the time of this release. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
