Sanford, Fla.-based American Builders Supply was officially sold to Kodiak Finance, Inc., a subsidiary of Denver-based Kodiak Building Partners. ABS had previously been owned by private equity firm Blue Wolf Capital Partners of New York.
Plans for the deal were originally reported early last month.
ABS is the largest independent distributor and installer of doors, millwork, windows and trusses in Florida. Blue Wolf acquired ABS in early 2011, in partnership with the company’s founder, Chad Barton, when the company was struggling in the wake of the 2008 housing market crash.
in a release Tuesday morning from Blue Wolf Capital Partners, the equity firm described how in 2011 it recruited new management -- led by former 84 Lumber executive Bill Mryick -- and began a path of acquisition and growth. Today, the company has 550 employees across 10 locations.
Following the acquisition, neither Myrick nor Barton will continue with ABS. Mark Garbowski will take on the role as president, and report to Kodiak CEO Steve Swinney. "We are all excited about the leadership in place at ABS and feel that Mark with Kodiak's backing is prepared to move the very talented and very deep ABS leadership team forward," said Kodiak COO Michael Cassidy.
The Blue Wolf Capital Partners press release included the following statement from Myrick: “In partnership with Blue Wolf, ABS transformed from a struggling local player to a valued dominant regional partner."
Michael Ranson, Partner at Blue Wolf, added: “In 2011, the building products industry was still reeling from the housing crisis. There were a rash of bankruptcies and the industry was unable to attract fresh capital. We saw a contrarian opportunity to find great value in companies that needed restructuring expertise and a partner with a long-term investment horizon. Because ABS had a strong position in some great markets, we believed we could restore it to its pre-housing crisis leadership position.”