Eco Red Shield Lumber creates alternative in wildfire-prone areas
Eco Building Products has sold another full house package of its Eco Red Shield protected lumber to TR Wurster Construction Inc. for a high-end custom project in Beverly Hills. Eco Red Shield is the standard in TR Wurster’s projects, and it is positioning itself to gradually replace high-risk lumber in regions of the country that are particularly vulnerable to fire and mold.
Eco Red Shield Lumber is a treated wood product with a Fire Retardant Coating and added protection against mold, fungus, rot and termites.
"Eco Red Shield Lumber is showing up in markets similar to the way certified organic vegetables have now taken over every market place around the whole country," said Steve Conboy, president and CEO of Eco Building Products. "It is a matter of time before Eco Red Shield shows up in the retail big-box shelves, making it harder for the big production builders to ignore the mold-related problems showing up in America’s new residential communities."
According to Conboy, Los Angeles and its surrounding communities have already maxed out their yearly firefighting budget, and the wildfire-prone region expects more to come this season. Most recently, 150 homes were evacuated Monday near Yosemite after powerful winds spread a wildfire across 1,600 acres, the L.A. Times reported.
Stock Building Supply files for IPO
Raleigh, N.C.-based Stock Building Supply Holdings announced a plan Friday afternoon to go public.
The number of shares to be offered and the price range for the offering have not yet been determined.
Some of the biggest names on Wall Street are lined up to assist the transaction. Goldman, Sachs & Co., Barclays Capital Inc. and Citigroup Global Markets Inc. will serve as joint bookrunning managers in the proposed offering. Robert W. Baird & Co. Incorporated will act as lead comanager, and Stephens Inc. and Wells Fargo Securities will act as co-managers.
Stock today operates 48 distribution and retail operations in 13 states. Private equity firm The Gores Group acquired a controlling interest in Stock in 2009, and acquired the remainder in November 2011.
According to an SEC filing, Stock Building Supply intends to use the net proceeds from this offering to pay approximately $60.0 million of the outstanding debt and to pay a fee of $9.0 million to Gores to terminate its management services agreement with Gores, and to use the remainder for working capital and general corporate purposes.
It’s official: HD Supply goes public
HD Supply Holdings, the indirect parent of HD Supply, announced that it will launch an initial public offering of 53,191,489 shares of common stock.
The company hopes to raise $1.3 billion in its initial public offering, funds used to pay debt, transaction fees and other expenses. Shares of HDS are expected to become available through NASDAQ June 26.
HD Supply is one of the largest industrial distributors in North America. The company provides a broad range of products and value-add services to about 500,000 professional customers with leadership positions in maintenance, repair and operations, infrastructure and power and specialty construction sectors. With more than 600 locations across 46 states and nine Canadian provinces, the company’s approximately 15,000 associates provide localized, customer-driven services including jobsite delivery, will call or direct-ship options, diversified logistics and other solutions.
HD Supply was the wholesale distribution arm of The Home Depot, until it was sold in 2007 for $8.5 billion to a group of investors including Carlyle Group, Bain Capital and Clayton Dubilier & Rice.