South Cypress Secures Growth Funding From Fidelis Capital
BIRMINGHAM, Ala. (July 10, 2014) – Founders Investment Banking, LLC (“Founders”) is pleased to announce that South Cypress, LLC has completed a growth capital funding round with Fidelis Capital, LLC. Headquartered in Birmingham, Alabama, South Cypress is an online retailer of first quality tile, stone, glass, wood, laminate, and vinyl floor coverings and serves consumers, contractors, and designers around the globe. With the continued shift in research and purchasing decisions occurring online, South Cypress seeks to inform customers, spark inspiration, and deliver exceptional customer service via a highly scalable platform built on industry-leading technology. The company utilizes a virtual showroom that provides customers with the benefits of shopping in a physical store while offering a broader selection and convenience.
“Since founding South Cypress, we have focused on providing a unique shopping experience through superior product selection, quality customer service, attractive prices, and fast delivery,” said Drew Goneke, president and founder of South Cypress. “As a result, we enjoy the highest customer reviews in our segment of the flooring and tile industry. By partnering with Fidelis, we have the ability to execute several expansion initiatives, and we look forward to leveraging their experience to grow and scale the company.”
“South Cypress is an attractive option for both consumers and businesses that are in the market for flooring and tile products,” said John Stein, co-founder of Fidelis Capital. “With an impressive leadership team, a top-notch technical foundation, diverse product offering, and a unique customer service methodology, we believe South Cypress is well-positioned to acquire a leadership position in the online flooring space and expand its reach in the B2B space. Our team is excited to dive in and support South Cypress during this next phase of growth.”
Founders served as a consultant to South Cypress in evaluating its strategic options and finalizing its initiative to pursue value-added growth capital. “With the rising popularity of do-it-yourself home renovation coupled with a digitally-connected population, there is an increasing need to serve the home improvement market on the web,” said Zane Tarence, managing director of Founders’ Technology Practice. “Drew and his team have built an incredible foundation that will serve them well as the business continues to grow. This investment combined with access to Fidelis’ resources and experience will fuel South Cypress’ ability to capitalize on this budding market.”
About South Cypress
South Cypress began in 2005 as the online arm of Mobile Carpet & Draperies, a family owned business founded in 1952. In 2008, Drew Goneke purchased the subsidiary from his father, and South Cypress, LLC was formed. The company offers first quality tile, stone, glass, wood, laminate and vinyl products via an aesthetically pleasing, user-friendly online store. South Cypress aims to provide an excellent customer experience through detailed images and information on each product, prompt customer service, knowledgeable staff, and fast delivery. For more information on South Cypress, please visit: www.southcypress.com.
About Fidelis Capital
Fidelis Capital is an SEC registered investment advisor founded in 2001 and based in Birmingham, Alabama. The three Fidelis principals have over 60 years of aggregate investment experience in the public and private markets. Among other activities, Fidelis advises the WH&W Private Market Investment Fund I, LLC, a private equity fund focused on growth equity investing in the southeastern United States.
About Founders Investment Banking
Founders Investment Banking is a merger, acquisition & corporate finance advisory firm serving middle-market companies. Founders’ industry focus is on software, internet, digital media, healthcare, and oil & gas companies located worldwide as well as companies based in the Deep South and across a variety of industries. Founders’ skilled professionals, proven expertise and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute liquidity events to achieve specific financial goals. In order to assist Founders Investment Banking with securities related transactions, certain Principals are registered investment banking agents of M&A Securities Group, Inc., member FINRA/SiPC. M&A Securities Group and Founders are not affiliated entities. For more information, visit www.foundersib.com.