Hoboken Flooring goes bankrupt
Hoboken Wood Flooring, a distributor of wood, tile, laminate and other hard surface flooring from Maine to Florida, has filed for bankruptcy in a U.S. District Court in Delaware. The Wayne, N.J.-based firm listed assets and debts of more than $100 million each and estimated its number of creditors at 1,000 to 5,000.
Founded in 1930, the privately held company is now under the management of private equity group Code Hennessy & Simmons. Through a series of acquisitions, Hoboken Flooring expanded its territory along the Eastern Seaboard, with showrooms in Boston and Manhattan and distribution centers in Westbrook, Maine and Rochester, N.Y.
In court filings, the company said it had examined its options and determined that a Chapter 11 reorganization was not feasible because of its inability to generate cash or obtain debtor-in-possession financing. Meeting payroll for existing employees was also a problem, the court filing said.
Ahearing for creditors has been scheduled for Dec. 11 in the U.S. Bankruptcy Court in Wilmington, Del.
Stock Building Supply makes further acquisitions
Wolseley, through its United States-based subsidiary Stock Building Supply, has acquired new businesses in several pro service areas in the United States.
Most recently, Stock acquired the assets of KBC Construction, a turnkey framer and wall panel manufacturer based in Albuquerque, N.M. Terms of the deal were not disclosed, but KBC had revenue of $16.6 million last year, with assets of $2.9 million.
“This acquisition complements Stock’s existing businesses in the Albuquerque area, enabling it to provide a complete range of added value services to its customers,” Wolseley said in a statement.
Additional acquisitions recently announced by Wolseley include:
• The acquisition of Architectural Building Supply, a fabricator, distributor and installer of doors, hardware and access control devices for commercial and industrial markets, by Stock Building Supply. The company, which has operations in Utah and Idaho, had revenue of $36 million with assets of $9 million in 2006.
• The acquisition of Jacobi Hardware, based in Wilmington, N.C., by Stock Building Supply. Jacobi also is a fabricator, distributor and installer of doors, hardware and access control devices for commercial and industrial markets. The company had revenue of $3.3 million last year and assets of $400,000.
• The acquisition of Pagosa Springs, Colo.-based J.D.’s Wholesale Plumbing & Supply by Ferguson, another pro dealer subsidiary of Wolseley. J.D.’s Wholesale had revenue of $700,000 last year, with assets of $500,000.
Canfor closes panel and fiber mill
Canfor, the Vancouver-based forest products supplier, has announced it is permanently closing a panel and fiber mill located in New Westminster, B.C., effective Jan. 8, 2008, after fiber inventories were used and mill equipment decommissioned.
The mill employs 126 people and makes specialty products, including hardboard panels, erosion control wood mulch and baled fiber.
Canfor has interests in 33 facilities in B.C., Alberta, Quebec, Washington state, and North and South Carolina. It produces softwood lumber in Canada and oriented strand board (OSB), plywood, remanufactured lumber products and specialized wood products.