Dominion Homes announces plan to go private
Dominion Homes, the Dublin, Ohio-based home builder, has announced plans to go private and buy shareholders out at a cost of 65 cents per share, or $5.5 million cash.
The deal means Dominion will be taken private by a group of investors that includes a company with ties to its CEO. The buyout group consists of companies affiliated with Angelo, Gordon & Co. and Silver Point Capital and the company’s largest shareholder, BRC Properties.
Dominion chairman and CEO Douglas Borror, also the principal of BRC Properties, will remain in his role with the company.
“The home-building industry continues to be in a very difficult period,” Borror said in a statement. “This transaction will allow Dominion Homes to continue our 55-year tradition of building quality homes.”
Dominion Homes builds houses and condominiums in Ohio and Kentucky.
CCA Global Partners names co-CEO
CCA Global Partners, the flooring and home improvement parent of Carpet One and Flooring America, has announced the appointment of Rick Bennet to the role of co-CEO.
Bennet will serve alongside co-CEO and chairman Howard Brodsky.
Bennet formerly served as president and CEO of department store chain Kaufmanns, as well as president and CEO of Famous-Barr department stores in St. Louis, where CCA Global Partners is headquartered. He served with May Department Stores for 27 years.
More recently, Bennet was president and CEO of Direct Holdings Worldwide, an international direct marketing business.
In addition, Bennet is on the board of directors of Drugstore.com and vice chairman of the Glacier National Park Foundation.
“I find Rick to be an outstanding individual and a person I look forward to working with,” Brodsky said. “I have gotten to know Rick very well. He is a strategic thinker, tactical operator and a developer of people.”
CCA Global’s former co-CEO, Alan Greenberg, died in August 2007 after a battle with cancer. He was 64.
Bennet currently lives in St. Louis and will be based out of CCA’s St. Louis headquarters.
Commercial building shows signs of slowing
Commercial starts in the United States grew in 2007 by 11.2 percent, but the year ended with curtailment of building activity in the last three months, according to Reed Construction Data.
Retail and office construction both experienced strong gains in December, increasing 37 percent and 29 percent, respectively, over the previous month. Industrial building starts grew by 10 percent, mostly due to new hospitals. Financing holdups during October and November may have delayed starts and boosted December’s numbers, Reed analysts said.
Highway work fell 26 percent during December, and heavy engineering construction declined 23 percent.
The final quarter of 2007 recorded a 17.6 percent drop in construction activity compared to the previous three months. This decline was attributed to more than the usual winter slowdown.
Looking forward, Reed Construction predicts that starts of commercial buildings in 2008 will be restrained by higher financing costs, tighter credit standards and a slowdown in the economy.