Cheney, Inc. (“Cheney”) and Vrooman Carpet, Inc.

Minneapolis, Minnesota – Quazar is pleased to announce Cheney, Inc. (“Cheney”) and Vrooman Carpet, Inc. (“Vrooman,” together with Cheney, the “Companies”) have been acquired by E.J. Welch Company (“E.J. Welch”), a portfolio company of Center Rock Capital Partners, LP (“Center Rock”). Quazar acted as the Companies’ exclusive financial advisor in the transaction, while Winthrop & Weinstine served as legal counsel. The transaction closed on December 31, 2021, and terms of the transaction were not disclosed.

Owned collectively by Steve Cheney, Cheney and Vrooman operate as leading specialty flooring distributors of both residential and commercial flooring in the upper Midwest. Sourcing both carpet and hard surface products from across the globe, the Companies provide hundreds of lines and different styles, classes, and colors of carpet and hard surface to flooring retailers and large commercial contractors.

“It has been a wonderful 50 years to be in such an exciting business, with so many truly great people. I will miss the people the most, but after 50 years there comes a time to slow down. I feel very comfortable that E.J. Welch will do everything possible to carry on the Cheney and Vrooman traditions,” stated Steve Cheney, sole owner of Cheney and Vrooman. “I am extremely thankful to have worked with Quazar throughout the transaction, as they provided the support and expertise needed throughout every step of the process. Their industry experience working with companies operating in the flooring industry was invaluable.”

“We are excited to have the associates of Cheney Carpet and Vrooman Carpet join our organization to further solidify our growing position in the industry,” said Kavita McCarthy, president of E.J. Welch. “They have a successful business and a very experienced team that will be a great fit with our company.”

“E.J. Welch has the potential to provide one-stop shopping and a wider assortment of quality flooring products and installation supplies to customers in this region,” said Roy Rueb, General Manager of Vrooman Carpet. “We are excited to integrate our experienced team members to continue offering best in class service to our customers.”

Cheney, Inc. (cheneycarpet.com) is headquartered in Plymouth, MN, and was founded in 1969 by Steve Cheney. Traditionally a carpet wholesaler, Cheney has recently shifted into more hard surface products, including its proprietary Gravity product line. Cheney has been serving over 1,500 flooring dealers in the upper Midwest with superior products for more than 50 years.

Vrooman Carpet, Inc. (vroomancarpet.com) is a wholesale carpet distributor for both residential and commercial applications. Established in 1949 and headquartered in Golden Valley, Minnesota, Vrooman  supplies quality brand carpet, pad, hardwood, laminate, and vinyl of all classes, styles and colors to its dealer network throughout the Midwest. Steve Cheney purchased Vrooman Carpet in 1993 from its original owners.

E.J. Welch Company (ejwelch.com) engages in the wholesale distribution of commercial and residential flooring products, installation supplies, tools, and accessories, including: cushion and underlayment products, floor preparation products, strips, plywood underlayment and cement backer boards, carpet cushions, and wall bases. The company was founded in 1962 and is based in Earth City, Missouri, with over 40 locations throughout the U.S. E.J. Welch operates as a subsidiary of The Merit Distribution Group LLC, a portfolio company of Center Rock Capital Partners.

Center Rock Capital Partners (centerrockcp.com) is a private equity firm specializing in lower middle-market, management buyouts, recapitalizations, and carve-out investments. The firm prefers to make investments in industrial manufacturing, distribution and industrial services companies. Center Rock Capital Partners was founded in 2017 and is based in Chicago, Illinois with an additional office in Bloomfield Hills, Michigan.

Quazar (quazarinc.com) is a Minneapolis-based Investment Bank founded in 1990. Quazar specializes in working with privately-held businesses within various industries, including: manufacturing, distribution, business services, technology, and consumer. Quazar provides both sell-side and buy-side advisory services to companies in the lower middle and middle-market.