Ace Hardware VP leaves for Broan-NuTone
Frank Carroll, Ace's VP of merchandising, will be leaving the company to take on the role of CEO for Broan-NuTone.
The move was announced this morning in an email to Ace vendors and supplier partners.
Until a replacement is found for the departing Carroll, EVP of merchandising John Surane will handle the additional responsibilities.
Addressing the vendor community in a goodbye letter, Carroll offered thanks for their passionate support of the co-op. "Personally and professionally, I am grateful to have had the opportunity to work with so many of your world-class companies," he wrote.
The search for his replacement is underway.
"Frank’s leadership of the Merchandising team and passion for the business will be missed," said Surane. "While it’s always painful to lose a strong player and a friend at work, we wish Frank the best of luck in his new role."
Carroll's new job will be to lead Broan-NuTone LLC, North America’s largest producer of residential ventilation and air quality products. Among them are range hoods, ventilation fans and air exchangers. The company also sells door chimes, central vacuum systems, intercom systems, built-in electric heaters, fresh air systems, attic ventilators, ironing centers and home automation products.
Broan-NuTone headquarters are in Hartford, Wisconsin.
Beacon acquires Lowry’s Special Distribution
Beacon Roofing Supply, Inc. has acquired Lowry's Special Distribution, a distributor of waterproofing, sealants, air barriers and related products, marking Beacon's first entry into Hawaii.
“The entire Lowry’s team is very excited to be joining forces with Beacon, which has demonstrated a strong commitment to growing its existing waterproofing business both organically and through acquisitions of family owned businesses like Lowry’s," said Lowry's co-owners Keith and Michael Musante, who are remaining with the company. "Becoming part of a public company with a presence across the entire United States and Canada creates opportunities for Lowry’s to grow our business beyond what we could have done on our own and offers our employees career advancement options that are unique to the distribution industry, all while maintaining the entrepreneurial spirt and brand loyalty to Lowry’s, SWS and Can-Do that we have worked so hard to develop over the last 40 years. I could not be more excited for our future as part of Beacon.”
Lowry's maintains 11 branches in four states and has been family owned and operated for over 40 years. It has 7 branches in California, two in Hawaii, and one in both Utah and Arizona.
Lowry's will remain under the leadership of president Craig Dirickson and will be known as Lowry's, Systems Waterproofing Supply (SWS) and Can-Do Supply (Can-Do).
“Lowry’s is a great addition to Beacon and significantly strengthens our existing waterproofing and related complementary products business in the western United States, including our first entry into the Hawaii market," said Paul Isabella, Beacon’s CEO and President. "Waterproofing and related products comprise a huge and growing market and present tremendous sales opportunities for Beacon, both to Lowry’s existing customers and through cross-selling to our core roofing contractor base. We are grateful that Keith and Michael Musante and Craig Dirickson chose to continue their careers with us. Craig will have full responsibility for continuing Lowry’s excellent performance and market position as President. The entire Lowry’s, SWS and Can-Do teams will be key players in our continued growth in this important product market and we are thrilled to have them as part of Beacon.”
Net sales jump 11% for Huttig in Q1
St. Louis-based building products distributor Huttig Building Products says its growth strategy is on track.
The company pointed to nets sales of $175.7 million in 2017, up 11% from $158.8 million in the same quarter last year. As expenses mounted on investments in the future, the company posted a loss in the quarter of $0.9 million, compared to net income of $1.5 million in the first quarter of 2016.
“Our first quarter results show the continued growth of our business and an increase in operating expenses resulting from the continued, meaningful investments we are making in our accelerated growth strategy,” said Jon Vrabely, President and CEO of Huttig Building Products. “While these investments are negatively impacting our short-term results, they are truly transformational in nature and provide the best opportunity to generate significant, sustained, profitable growth in the intermediate term.”
The increase was primarily due to higher levels of construction activity, the BenBilt Building Systems acquisition completed during the second quarter of 2016 and the effect of a special promotional winter buy sales occurring in the first quarter of 2017 compared to our special promotional winter buy sales occurring in the second quarter of 2016.
Millwork sales increased 15% in 2017 to $91.9 million, primarily due to increased construction activity and the acquisition. Building products sales increased 10 percent in 2017 to $68.1 million primarily due to our special promotional winter buy sales. Wood product sales decreased 4 percent in 2017 to $15.7 million.
Vrabely added, “The increase in our operating expenses is the result of continued investments in our people, as well as the expansion of our value-add service capabilities and the Huttig-Grip product line, which present significant, intermediate-term growth opportunities.”
Huttig distributes its products through 27 distribution centers serving 41 states.
Also this week, the company announced a partnership with Duchesne, a Canadian manufacturer of fasteners.