Fishman Flooring Solutions, one of the largest distributors of flooring installation supplies in the U.S., has announced that it has purchased all outstanding shares of the company’s stock, giving its employees 100 percent ownership of the business. Other terms of the transaction were not disclosed.
The management structure of the company will not be affected by the share purchase, according to the company. President Bob Wagner and the other members of the Fishman management team will continue in their current roles.
The outstanding shares were purchased from Nelson Fishman and Ray Colombo, who led the company for a combined 90 years. Fishman and Colombo first sold shares of their stock to employees in 2003, when they established an Employee Stock Ownership Plan.
“Nelson Fishman and Ray Colombo were tremendous stewards of our business and true partners in every sense,” Wagner said. “We’re grateful for their vision and leadership that fueled the growth of our company. They have left a legacy of continuous improvement in every aspect of our business that will remain the key to our success.”
The stock purchase will benefit three key stakeholders in the company: customers, vendor partners, and the employee shareholders, Wagner said. Customers will benefit from an even higher level of customer service and satisfaction because the employees have a greater vested interest in the firm’s success, he added.
Fishman Flooring Solutions, headquartered in Baltimore, has approximately 150 employees and 25 branches serving Delaware, Georgia, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. The firm distributes more than 36,000 products for 75 vendor partners.
With stock purchase, Fishman now fully employee-owned
May 4, 2012