LUMBERYARDS

Former ProBuild execs form investment group, acquire steel company

BY Brae Canlen

An investment group led by Paul Hylbert, former CEO of ProBuild Holdings, and Boreas Advisors have announced the acquisition and recapitalization of Barton Supply, a Colorado fabricator and distributor of structural and reinforcing steel products and accessories.

Hylbert’s new investment group, as yet unnamed, partnered with Boreas Advisors in 2011 to look for opportunities in the housing and building products industry. It wasn’t difficult for Hylbert and Boreas to find each other after Hylbert left ProBuild  three months ago: Boreas consists of former ProBuild executives. 

Steve Swinney, former VP finance, planning and analysis at ProBuild, is managing partner of Boreas Advisors. The Denver-based firm’s principals, Kyle Barker, Bryan Cleveringa and Eric Miller, all worked in finance at ProBuild.  

Swinney will serve as CEO of the new acquisition, while Cleveringa will serve as CFO. The former owners of Barton Supply, Don and Scott Barton, will stay on as part of the management team, as well as investors. 

With locations in Aurora, Colorado Springs and Fort Collins, Barton Supply serves general contractors, foundation and framing subcontractors, 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.

In an interview with Home Channel News, Hylbert talked about the 18-acre facility and rail siding at Barton’s main facility, and the similarities between the distribution of any building materials, be it lumber or steel. Although Hylbert still has three months left on his non-compete contract with ProBuild, “We’re in the rebar fabrication game,” he explained. “These are products that lumberyards don’t sell [so] it’s not really competitive with ProBuild.” 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

How much credit should be given to the co-op business model for the success of the independent hardware and building supply dealer over the last half century?
LUMBERYARDS

Temple-Inland board urges shareholders to reject IP offer

BY Brae Canlen

The takeover battle for Temple-Inland continues to escalate as the Austin, Texas, wood products supplier issued a statement today urging its stockholders to reject an unsolicited offer from International Paper (IP). Temple-Inland’s board of directors voted unanimously to reject the $30.60-per-share offer because it undervalues the company. The timing of the offer is also “extremely opportunistic,” the company said in its official recommendation. 

“Housing markets are at historically low levels, temporarily depressing the value of our building products operations,” the board wrote. “IP is attempting to take advantage of our stockholders by moving to grab Temple-Inland at a bargain price at a time when there is little or no market value being ascribed to building products.” 

International Paper will finance the $3.7 billion deal with $1.5 billion cash and the rest in borrowings. The company is interested in Temple-Inland’s corrugated packaging operations, which consist of seven mills and 58 converting facilities. Temple-Inland also makes a wide range of wood-based building materials. 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

How much credit should be given to the co-op business model for the success of the independent hardware and building supply dealer over the last half century?
LUMBERYARDS

Barton Supply acquired by investment group

BY HBSDealer Staff

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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

How much credit should be given to the co-op business model for the success of the independent hardware and building supply dealer over the last half century?