Barton Supply acquired by investment group
An investment group led by Paul Hylbert, former CEO of ProBuild Holdings, and Boreas Advisors have announced the acquisition and recapitalization of Barton Supply.
Barton Supply is a fabricator and distributor of structural and reinforcing steel products and accessories with locations in Aurora, Colorado Springs and Fort Collins, Colo., serving general contractors, foundation and framing sub-contractors, and home builders.
Over the past five decades, Barton Supply has grown to three locations and added bending, cutting and welding capability to fabricate reinforcing steel products, as well as structural steel beams, posts and columns.
“We are pleased to be partnering with Barton Supply as a committed, long-term investor and, particularly, that both Don and Scott Barton will be a part of the key management team, as well as fellow investors,” Hylbert said. “Scott will continue to head our sales and marketing efforts as the VP sales, and Don will lead manufacturing and distribution as the VP operations.”
Boreas Advisors partners Steve Swinney and Brian Cleveringa will take over the roles of CEO and CFO, respectively for the company.
Hylbert and Boreas Advisors partnered in 2011 to invest in housing- and building products-related companies with a long-term, build-and-grow strategy.
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Builder rescinds drywall replacement offer
An article in the Tampa Tribune reported that a Tampa builder who agreed to move families out of homes built with toxic Chinese drywall and make the necessary repairs has now rescinded the offer.
The newspaper’s cover story interviewed two residents of Sabal Pointe, a community built by Rottlund Homes, who discovered tainted drywall and other related damage in their homes last year. Rottlund Homes sent them letters promising to replace the drywall and pay their living expenses during the repairs. But the residents were eventually informed that the builder was unable to secure financing and did not know when it could fix the homes.
Jeff Paskert, an attorney for the builder, told the Tampa Tribune that Rottlund’s insurance company covered repairs on some of the builder’s Chinese drywall homes but not all, including the two residents in question.
Rottlund recently sent letters saying it will not be able to replace the drywall, the paper said, but is still building homes in the Sabal Pointe development.
It seems like a case of an
It seems like a case of an irresponsible builder. Though I appreciate that he did make the effort to try to find homes and financing for the customers with the tainted drywall, it just feels like not enough is being done. The customers are the ones at the losing end, having a building with tainted drywalls and no way to solve the problem.
Universal announces Q2 declines, names new CEO
Grand Rapids, Mich.-based Universal Forest Products announced second-quarter net earnings of $4.3 million, down 69% from net earnings of $13.7 million in the second quarter of 2010.
Net sales totaled $544.1 million, down 15% from net sales of $638.6 million for the same period of 2010. Sales were affected by weak consumer spending on larger-ticket home-improvement items.
"These are challenging times, but we are positioning the company for better results. We have cut costs and implemented plans intended to maintain our strengths and capitalize on our opportunities moving forward," said outgoing CEO Michael Glenn. "We’re maintaining a keen focus on costs and on prudent, conservative decision-making that will create opportunities for sustainable growth and success."
In June 2011, Universal announced measures to align its costs with its business, including cuts that the company expects to result in annualized savings of about $10 million.
In other company news, Universal has appointed Matthew Missad as CEO.
Missad, former Universal EVP and general counsel, succeeds Michael Glenn, who resigned in June 2011 for personal reasons.
"Matt has proven his leadership abilities, strategic acumen and business skills in innumerable ways in 26 years at Universal, and I think he’s the perfect person for the job," said chairman William Currie.
Added Dan Dutton, the board’s lead independent director: "Matt will lead a distinguished team that includes president and COO Pat Webster and CFO Mike Cole, a powerful group that will take Universal solidly into the future."
Missad is the fifth CEO in the company’s 56-year history, following William Grant Sr., Peter Secchia, William Currie and Michael Glenn.
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