At ABC Supply, shares return to co-founder
Beloit, Wis.-based ABC Supply Holding Corp., the parent company of American Builders & Contractors Supply Co. (“ABC Supply”), has entered into a definitive agreement to redeem all of the shares held by its minority shareholders, an investor group led by Advent International.
Upon the closing of the transaction, 100% of the shares of ABC Supply will be controlled by the company’s co-founder, Diane M. Hendricks.
This transaction will bring a successful partnership with Advent to its natural conclusion. In 2010, Advent sponsored ABC Supply’s acquisition of its portfolio company, Bradco Supply, and became a large minority shareholder. After a very successful integration and nearly three years of strong financial performance, Advent and other minority holders are exiting the investment.
“I believe that the combination of ABC and Bradco and our partnership with Advent have been extremely positive and have served all parties very well,” Hendricks said.
David Luck, CEO and president of ABC Supply, continued: “We are pleased that our operating performance has allowed both majority and minority shareholders to accelerate their plans for the share redemption.”
The transaction is expected to close in April.
ABC operates more than 450 branches in 45 states. Sales exceeded $4.6 billion in 2012.
Eco Red Shield receives Certificate of ‘Material Excellence’
Eco Building Products has announced that its Eco Red Shield protected lumber has been recognized for ‘Material Excellence’ and selected for inclusion into Material ConneXion’s global material library.
ECOB’s material submission included physical samples that were sent to every Material ConneXion location worldwide.
The company has received a number of inquiries from builders around the world for inclusion of Eco Red Shield coatings into planned construction projects thanks to its inclusion in the Material ConneXion’s library.
"As we continue to work diligently in the planning and engineering phases revolving around rebuilding efforts for the heavily hit northeastern U.S., recognition by Material ConneXion and their global material library will only increase the awareness and exclusive benefits of this technically advanced building material,” said Steve Conboy, president and CEO, Eco Building Products.
Founded in 1997, and acquired by SANDOW in 2011, Material ConneXion is a global materials consultancy that offers access to membership-based materials libraries with more than 6,500 advanced and sustainable materials.
Davidson Lumber earns accolades
The Southern Upsher Business Association (SUBA) awarded “Business of the Year” honors to Davidson Lumber Co., of Kanawha Head, W. Va.
According to the Record Delta newspaper, SUBA Treasurer Wane Strader presented the award with the following introduction: “The business SUBA is honoring tonight is an excellent example of entrepreneurship born of necessity,” he said. “It all started when a young man lost his job, and instead of looking elsewhere for work, decided to go into business for himself at home, which a creative person today can do easier with modern technology, but was more difficult over 50 years ago.”
Jack Davidson accepted the award on behalf of his father Buy Davidson, who could not attend.