Select Interior Concepts announces review of operational, financial alternatives
Select Interior Conceptsannounced that its Board of Directors, together with management and in consultation with financial and legal advisors, has initiated a comprehensive review of strategic, operational and financial alternatives to enhance shareholder value. These potential alternatives could include, among other things, additional initiatives to the company's operating plan, structural alternatives for the company's assets, and potential merger, acquisition or sale transactions. Chairman J. David Smith said, "Our Board remains confident in the management team that is executing on the Company's strategic priorities for operational and financial performance to deliver profitable growth. We have made and continue to make meaningful progress toward our long-term strategic goals, including growing earnings and expanding our national footprint. At the same time, the Board is committed to ensuring that the Company is on the best path to continued success and is actively evaluating a full range of strategic, operational and financial alternatives to enhance value for our shareholders. The Board believes that pursuing these complementary paths is in the best interests of our shareholders as we continue to deliver on our commitment to enhancing shareholder value." The Board has formed a transaction committee, consisting of J. David Smith, Robert Scott Vansant, and Brett Wyard, all independent directors, to lead the company's review of strategic, operational and financial alternatives. There can be no assurance that this review will result in a strategic change or any transaction being announced or agreed upon. The company has not set a timetable for the conclusion of its review of strategic alternatives, and it does not intend to comment further unless and until the Board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required by law.