Decking distributor partners with railing manufacturer
Absolute Distribution Inc. (ADI) has announced an agreement with Fairway Building Products to serve as a key distributor of Solutions Aluminum Railing and Balusters.
Solutions serves both residential and commercial markets with a unique sculpted top rail and softened radial corners. The company offers a line of bracketry and hardware to support virtually any installation application. Its baluster offering features both traditional and contemporary railing components.
ADI, located in Minneapolis, is a marketer and two-step distributor of decking-related specialty products to independent lumber dealers, building centers and home improvement centers. It offers a wide selection of railing components, rail systems, balusters, post caps, deck lighting, fasteners, aluminum decking, tools and accessories from leading manufacturers.
New partnership enters foreclosure market
Waypoint Real Estate Group, one of the nation’s leading acquirers of distressed, single-family properties, and GI Partners, a mid-market private equity firm, have announced a partnership where they will acquire and then rent out more than $250 million in single-family homes. Ultimately, GI hopes to invest more than $1 billion in distressed and foreclosed homes over the next two years, with Waypoint managing the acquisitions and rental conversions.
Based in Oakland, Waypoint has successfully acquired nearly 1,000 homes in the San Francisco Bay area and Inland Empire in Southern California, and developed a proprietary system to underwrite and manage the portfolio of homes. With the GI investment, Waypoint plans to launch a national expansion, with the goal of entering into multiple new geographic markets in 2012.
"Our approach to buying and renovating distressed homes and leasing to residents who are committed to a path to future home ownership is a viable solution to our nation’s housing crisis," said Colin Wiel, managing director and co-founder of Waypoint. "Our unique approach to acquiring homes and converting them into rental properties speaks directly to the Federal Reserve’s recommendations included within its recent white paper. This partnership with GI Partners ensures we can take the next step in our company’s evolution."
GI Partners, headquartered in Menlo Park, Calif., will invest in Waypoint through GI Partners Fund III, which has approximately $1.9 billion of capital commitments from institutional private equity and real estate investors.
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Cedar Creek expands in Birmingham
Oklahoma City-based Cedar Creek plans to open a new location in Birmingham, Ala. The company said the site is ready, and employees are being hired in anticipation of a Feb. 1 opening.
“We are pleased to further expand our presence in Alabama and the Southeast, in general, as we believe these areas will be on the leading edge of the residential building recovery," said Bill Adams, CEO of Cedar Creek.
Cedar Creek is a leading wholesale building material distribution company with 12 locations covering 19 states in the Mid-South, Midwest and Southeast. In May 2010, Cedar Creek was recapitalized by Boston-based Charlesbank Capital Partners, with the goal of providing flexible capital for the company to grow beyond its current trade areas.
“This is a key location for Cedar Creek as it helps link our other southeastern locations in Tennessee and North Carolina," said D. Wayne Trousdale, Cedar Creek’s VP operations.
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