The Belknap White Group, the privately-held full-line floor covering distributor in the Northeast, has announced an expanded equity investment in the JJ Haines Company of Baltimore Maryland.
In 2017, Belknap and Haines entered into a strategic partnership, with Belknap making an initial equity investment in Haines. The partnership allowed both companies to collaborate and work together to build an east coast flooring distribution platform. Collaboration in areas such as Sales, IT and Logistics has been on-going.
Recently, Belknap increased its equity investment and now holds a controlling interest in JJ Haines. Haines will continue to operate as a separate entity based out of Baltimore.
Hoy Lanning, the CEO & President of Haines, will report to the Haines Board of Directors. The Board, which will be chaired by Raymond Mancini Jr., will oversee and set overall direction for the company.
Haines, which has been in business since 1874, operates in the mid-Atlantic with their distribution territory stretching to Florida. They are Armstrong’s longest serving distributor partner.
“This significant equity investment further enhances the synergies achieved through our partnership with Haines that started more than a year ago,” said Mancini. “This trend of strategic alignment is one that most flooring companies – including Haines and Belknap – have pursued over the last several years.”
“As flooring distributors begin to consolidate, it is critical that distributors achieve a certain level of critical mass,” said Lanning. “This investment from Belknap is a win/win for both companies as we strive to build a larger and more stable distribution platform.”
The deal was finalized February 14th.