Growing dealers team with BlueTarp
Portland, Maine-based BlueTarp Financial entered into new credit-program partnerships with McKenzie Building Center in Watford City, N.D., and Builders Warehouse in Denver entered into partnerships with Portland, Maine-based BlueTarp Financial.
Both McKenzie Building Center and Builders Warehouse are now collaborating with BlueTarp on customized in-house financial programs. The programs bring guaranteed cash flow, risk reduction of contractor payments and marketing services that will help increase sales. The credit lines will streamline transactions and improve store connections with contractors, according to BlueTarp.
Strong growth for both companies factored into the decisions for both companies.
"Here in Watford City, we are located in the middle of the current oil boom happening in North Dakota,” said McKenzie Building Center CEO Eric Sparrow, whose company has seen a 300% increase in sales over each of the past two years. “As our local population continues to grow, so does the demand for materials to build affordable housing. I wanted to make sure that as a company, we had a professional organization making the credit decisions for us, and the ability to offer large lines to meet the needs of our customers."
"Our decision to partner with BlueTarp was simple — growth,” said Builders Warehouse owner Myron Andersen. “By entering into this partnership, we have put ourselves in a position to keep up with the increasing demand for building materials from the contractors we serve."
BlueLinx sells California DC
Building materials distributor BlueLinx has announced the sale of its distribution center in Newark, Calif., in a Sept. 20 filing with the Securities and Exchange Commission (SEC). The 235,000-sq.-ft. warehouse sold for approximately $17.7 million.
The Atlanta-based company expects to record a gain of approximately $9.1 million related to this transaction in the third quarter of 2012 as a reduction of operating expense. Approximately $12.84 million of the net proceeds will be used for immediate prepayment of the indebtedness under its mortgage agreement without incurring a prepayment premium. About $2.76 million of the net proceeds will be used for general corporate purposes.
The SEC filing did not disclose the name of the buyer.
In a press release, Blue Linx said the sale would strengthen its balance sheet and position the company better for strategic growth. “We plan to relocate in the surrounding area by the end of the year to continue serving the Northern California market," said BlueLinx CFO Doug Goforth.
HD Supply Repair & Remodel opens Santa Ana store
HD Supply Repair and Remodel, a California chain of pro-oriented retail warehouses, will open its newest location in Santa Ana on Oct. 13. This will be Repair & Remodel’s eighth store in the greater Los Angeles area and its 11th store in California.
The 91,500-sq.-ft. Santa Ana facility, which is expected to hire 75 employees, includes two buildings with nearly a third of the store dedicated to kitchen and bath decor. This location will offer key categories, such as millwork, cabinetry, flooring, plumbing, electrical, insulation, roofing, drywall and some high-velocity lumber items.
Headquartered in Roseville, Calif., HD Supply Repair & Remodel targets remodeling contractors, tradesmen and DIY customers, as well as professionals who work in the single- and multi-family rental markets and foreclosed, deferred maintenance and investment properties.