Nemo Tile + Stone Expands South with Acquisition of Tile Market of Delaware
Briarcliff Manor, NY – June 1, 2022. Saw Mill Capital Partners II, LP and affiliated private equity investment funds managed by Saw Mill Capital LLC (collectively referred to herein as “Saw Mill”) are pleased to announce the acquisition of Tile Market of Delaware (“Tile Market”) by Nemo Tile & Co., LLC (“Nemo Tile + Stone” or “Nemo”), a Saw Mill portfolio company.
Founded in 1996 by the Watson family, Tile Market of Delaware is the leading tile and stone distributor to retail and wholesale channels in the greater Delaware market. The Company offers a full suite of premium tile under its own proprietary brands and a full-service, fabricated stone solution to consumers, contractors, and builders. The Company markets under the Tile Market and Urban Coastal brands. The acquisition provides Nemo with additional management talent, market presence in a key adjacent market, strong proprietary brands, an online marketplace, and stone fabrication capabilities.
Matt Karlin, CEO of Nemo Tile + Stone, said, “Beyond the commonality of family roots, the founders Kim, Tim and John have become best in class distributors of tile and fabricators of Stone in the mid-Atlantic region and are a perfect natural extension of the Northeast market for Nemo. The union of these companies creates a powerful alliance to build upon as we continue to grow our national footprint by cross leveraging our supply chain strength, broad product offerings and extensive vertical and horizontal surface applications. The cultures and aspirations are well aligned for ease of integration and strategic execution for continued growth. Together, The Watson’s and I are excited for the possibilities that lie ahead.”
Scott Rivard, a partner at Saw Mill, remarked, “The acquisition of Tile Market provides immediate scale, complementary brands, and personnel talent to further expand in the mid-Atlantic market. In combination with Nemo’s prior acquisition of Modern Stone that expanded the Company’s stone offering, Nemo continues to execute on its vision to be a best-in-class partner to the architectural and design segment with complementary solutions to retail, contractor and wholesale customers. The scope and reach of the Company continues to grow, and we are excited about the prospects for continued expansion.”
Saw Mill is committed to helping its portfolio companies achieve their full growth potential, both organically and through strategic acquisitions. All of Saw Mill’s Fund II portfolio investments, including Nemo Tile, are actively seeking acquisitions.
ABOUT NEMO TILE + STONE
Founded in 1921, Nemo is a leading distributor of tile and stone utilized in commercial and residential construction applications. The Company is headquartered in New York, NY and has showrooms, warehouses, and corporate office across the Northeast and Mid-Atlantic. Nemo has a powerful brand, strong reputation with architecture and design reps, contractors, and consumers, and a global supply of vendors that it has developed over its 100-year history in the tile and stone industry. From classic stone, ceramic and porcelain to glass and metal, Nemo Tile offers one of the most comprehensive, high-quality surfacing options on the market today. For more information, please visit www.nemotile.com.
ABOUT SAW MILL CAPITAL
Based in Briarcliff Manor, NY, Saw Mill Capital is a private equity firm that acquires facility and industrial service, specialty distribution and manufacturing businesses with enterprise values of $25 million to $200 million. Since 1997, Saw Mill Capital has been partnering with management teams to help successful businesses reach their full potential. For more information, visit www.sawmillcapital.com.