Empire Today Llc, the renowned US flooring retailer, has secured a new credit facility with existing lenders, boosting liquidity and extending debt maturities. The agreement extends the revolving credit facility to February 2029 and approximately 82% of the term loan to August 2029, with an option to extend the remaining 18% to August 2029. Crucially, it waives the revolving financial covenant for two years and eliminates other financial covenants during this period.
This transaction provides Empire Today with much-needed financial flexibility in the current economic climate. Alongside recent operational streamlining and management strengthening, it positions the company for growth as the flooring industry recovers. Empire Today thanks partners Charlesbank and H.I.G. Capital and aims to leverage this strengthened financial foundation for future success. Ropes & Gray LLP and Greenhill & Co., LLC are acting as legal and financial advisors to Empire Today LLC. Paul Hastings LLP and Lazard are advising consenting first lien lenders.
Empire Today, known for its direct-to-consumer sales and iconic jingle, has provided home improvement solutions for 65 years. Serving residential and business customers, it offers a wide selection of flooring, including carpet, hardwood, laminate, tile, and vinyl. The company provides shop-at-home convenience, next-day installation on select products, competitive pricing, and award-winning service in over 70 major US metropolitan areas. Customer satisfaction remains a top priority.
Charlesbank Capital Partners, a middle-market private investment firm, focuses on management-led buyouts, growth capital, credit, and technology investments in companies with strong competitive advantages.
H.I.G. Capital, a global alternative investment firm, provides debt and equity capital to middle-market companies. Specialising in buyouts, recapitalizations, and carve-outs, H.I.G. employs a flexible, operationally focused approach. Its debt funds offer diverse financing options to companies of all sizes. H.I.G. also manages real estate funds focused on value-added properties and infrastructure funds targeting value-add and core plus investments.
Since its inception, H.I.G. has invested in and managed numerous companies globally, significantly impacting the middle market with its diverse portfolio.