Beacon Roofing Supply appoints acting chief financial officer
While searching for a permanent CFO, Peabody, Mass.-based Beacon Roofing Supply appointed Rick Welker to the position of acting CFO.
Welker is currently the company’s VP and chief accounting officer. He replaces David Grace, who retired a the end of 2012.
Welker joined Beacon as corporate controller in July 2004, prior to the company’s initial public offering, and was promoted to VP in February 2006 and to chief accounting officer in November 2011. He is a Certified Public Accountant and a Certified Management Accountant.
Prior to joining Beacon, Welker had previous public company experience and held the following executive positions: senior VP-CFO and secretary of rue21; VP-CFO and treasurer of Woodworkers Warehouse; and VP and controller of Bradlees Department Stores. He started his career with PricewaterhouseCoopers.
Stock Building Supply acquires TBSG in Atlanta
Raleigh, N.C.-based Stock Building Supply acquired Total Building Services Group, an Atlanta supplier of structural components and architectural millwork.
Terms of the sale were not disclosed.
“Atlanta is an important market for our company, and we are excited to welcome TBSG to the Stock family. Our Atlanta business is performing very well, and this acquisition increases our capability to provide our customers value-added solutions and services,” said Jeff Rea, Stock president and CEO. “We have immediately invested to increase capacity at TBSG to support the growth of our customers and are thrilled to welcome the TBSG associates to the Stock team.”
Bill Poston, the former owner of TBSG and CEO of Traton Homes, will stay on as an adviser.
Stock Building Supply, which operates in 19 markets, is owned by The Gores Group, a Los Angeles-based investment firm.
Huttig completes share repurchase
Huttig Building Products has completed a repurchase of 1.0 million shares of its common stock at $1.10 per share from its largest stockholder, The Rugby Group Limited. The share repurchase was effected in a private transaction, and the aggregate purchase price was funded with available funds.
Jon Vrabely, president and CEO, said in a prepared statement: “Throughout the entire unprecedented downturn in the housing market over the past five years, we have focused on preserving the long-term value proposition of the company, managing the integrity of the balance sheet and protecting the interests of our shareholders. To that end, we have been successful in meeting our objectives without adding significant debt to the balance sheet or diluting our shareholders. We are extremely pleased that our financial performance and liquidity position have provided us the opportunity to deliver meaningful value to our shareholders through this transaction."
Headquartered in St. Louis, Huttig is a leading distributor of millwork, building materials and wood products used principally in new residential construction and home improvement, remodeling and repair work. Huttig distributes its products through 27 wholesale distribution centers serving 41 states. The company sells principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.