Allied purchases Minneapolis roofing company
Allied Building Products Corp., a division of Oldcastle, has completed its acquisition of United Products Corp., a privately held roofing and siding distributor based in Minneapolis. Terms of the purchase were not disclosed.
Founded in 1925, United was purchased in 1975 by Al and Char Hatfield, who grew the business to 15 branches across five states; seven in Minnesota, three each in Wisconsin and North Dakota, and one each in South Dakota and Nebraska.
Allied has made a number of acquisitions this year, including Astro Building Supplies, a two-branch distributor in Taylor, Mich.; Philadelphia-based Ivan Supply Co.; the Smyrna, Ga. branch of American Wholesale; and Pacific Source of Hawaii.
Based in East Rutherford, N.J., Allied is a wholesale distributor of exterior and interior building, including residential and commercial roofing, waterproofing, siding, windows, drywall, acoustical, metal framing and solar products. It serves contractors in 30 states. Annual revenues are $1.7 billion.
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Existing-home sales increase 4.0%
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors (NAR).
The November figure came in at a seasonally adjusted annual rate of 4.42 million, up 4.0% from October’s pace, and up 12.2% from November 2010.
“Sales reached the highest mark in 10 months and are 34% above the cyclical low point in mid-2010 — a genuine sustained sales recovery appears to be developing,” said Lawrence Yun, NAR chief economist. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”
Also released were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
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Mead lumber to acquire Truss Craft
Mead Lumber has signed an agreement to purchase the Truss Craft division of Dakota Craft Inc., a Rapid City, S.D.-based chain of component manufacturing plants. The purchase price was not disclosed.
Truss Craft serves the southeastern Wyoming building community. The acquisition will give Mead a leading market share in Wyoming, according to the announcement. The transaction is expected to be completed by Jan. 31, 2012.
“Further developing our market position in Cheyenne, Wyo., one of the country’s healthiest markets, has been a goal of ours for some time now,” said Craig Bradshaw, president of Mead Lumber. “Being able to combine the resources of Mead Lumber and Truss Craft is a rare opportunity.”
Dakota Craft will continue its operations in Rapid City, S.D., where it holds a leading market-share position. Dakota Craft offers structural components and building materials to the western North Dakota and South Dakota, southeast Montana and northwest Nebraska building community.
Mead now has 36 lumberyards, truss plants, hardware stores and mill shops in Colorado, Kansas, Montana, Nebraska, Oklahoma, South Dakota and Wyoming. With $104 million in annual revenues, the Columbus, Neb.-based firm ranked 34th on the 2011 Pro Dealer Scoreboard.
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