Select Interior Concepts Acquires Summit Stoneworks in Buda, Texas
Select Interior Concepts (SIC) is proud to announce the purchase of Summit Stoneworks, a leading stone fabrication company based in Buda, Texas. This acquisition, completed on August 31, 2018, allows SIC, a building products and services company located in Anaheim, California, to expand its services into the highly lucrative and desirable Texas market for long- term growth and future expansion nationally.
As a result of this acquisition, Residential Design Services (RDS), a SIC subsidiary and major player in home design services across America, will have an ever stronger presence in this region, explains RDS President Kendall Hoyd. “Summit Stoneworks currently serves San Antonio and Austin, Texas, a market that we at RDS are currently looking at with a two road strategy. One is to expand nationally by acquiring ‘best in class’ companies in market areas that we are not currently operating in, and the other is to grow in three basic ‘cool’ product areas which are flooring, countertops and cabinets. We were attracted to these types of companies, because as we got to know their owners and founders and their operations, we just became more impressed by the way they are run, the efficiency with which they operate, and the strength of the relationships with some very ‘blue chip’ customers. So we thought that with our management team and track record, that we could bring RDS’ resources to the Austin and San Antonio, Texas market and leverage a successful and rapidly growing operation.”
Since 2006, Summit Stoneworks, a respected member of the Artisan Group, has been focused on countertops, and they are extraordinarily good at fabricating granite and engineered stone for large production homebuilders. They also have a little bit of a flooring operation but no cabinets. As a result, this partnership with RDS is a strategic advantage for Summit Stoneworks explains President, Brandon Self.
“It provides a huge opportunity for us to grow our existing countertop business with additional capital and expansion plans, and to be able to grow in other markets in Texas. It also allows us to strategically bolt-on an all-in-one package of other products like cabinets and flooring which our builders are in need of, especially when it comes from a trusted supplier that they currently purchase from. We’ve also added design services that RDS specializes in, and those are a lot of products that can benefit our builders. It reduces turnaround time, reduces communication issues in the trades, and because we are the ones communicating with each other, it also has some cost savings that could be realized for the builder by bundling those services. Finally, we have some amazing people at Summit Stoneworks, but being a smaller company, people sometimes max out, and we saw a huge opportunity for our employees to continue to grow in their careers. So we saw this very strategically from our side.”
At the moment, the benefits of this partnership are fairly local for RDS, because there needs to be a concentration and collaboration of material supply and labor for installation, continued Hoyd. “This is step one for Summit Stoneworks as they consolidate market share and grow to the levels that we hope they do. At that point, then, certainly, we’d like this to be a model that we can replicate in other parts in the country. So what we intend to do is leverage their expertise with our flooring teams that we’ve had in place for thirty years, and our cabinet teams that we’ve had in place for twenty years as well as our nationally based supply chains and source relationships. These are things that we can bring to bear that offer Summit Stoneworks two distinct opportunities to strengthen their relationships with their customers. The first is that Summit Stoneworks can grow and add capacity and bring more market share due to their excellent performance just in countertops. The second is that a lot of their customers have expressed a lot of interest to us in consolidating the purchasing of interior products, cabinets and flooring, and very interested in us offering these in a package. So we are working on bringing these two growth strategies to bear right now. There is, however, a lot of work to do to bring these additional products to the Summit Stoneworks organization, but after that, a couple of years past that, we have a few projects on the drawing board to bring technology to the design aspect of Summit Stoneworks.”
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