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.
PEOPLE IN THE NEWS: Parr Lumber
Mike Howell, Tony Cookston and Casey Doss are among the management promotions at the Hillsboro, Ore.-based pro dealer.
Parr Lumber’s recent appointment of Jim Boyer as the new president of the company and its subsidiaries created a chain reaction of advancement opportunities for others at the Hillsboro, Ore.-based company.
Howell was promoted to fill Boyer’s previous position as the director of operations.
Other promotions include Tony Cookston, newly appointed manager for the Newberg, Oregon location; Casey Doss, now manager of the Forest Grove location; and John Friesen was promoted to manage the northeast Portland location on MLK Blvd.
“Parr has always believed in promoting from within and creating career paths for our employees. It’s great to see so many of our team members receive such well-deserved recognition,” said CEO David Hamill.
The Parr Company consists of six distinct companies that provide building solutions and services: Parr Lumber Company, Parr Cabinet Design Centers, Cascade Wholesale Hardware, NSC, NSCi and Parr Marketing Group.
Kodiak acquires New England Building Supply
Denver-based Kodiak Building Partners announced Wednesday the combination of Kodiak and New England Building Supply to expand their merged business in the eastern U.S. market.
Kodiak Chairman, Paul Hylbert, said, “We are very excited about having New England Building Supply join our team. Tony Ciampaglio and Russ Smith have built a fine organization in Boston and developed a terrific business. In addition to giving us a strong presence in greater Boston, the company and capable people offer us a platform on which to grow throughout the Eastern Seaboard marketplace.”
Terms of the deal were not disclosed. New England Building Supply’s team of 61 people will remain in place, according to the announcement, with Smith and Ciampaglio retaining leadership roles in the company.
“We see this as an opportunity for growth,” said Smith. “In addition to expanding our business in greater Boston, we’re excited about growth well beyond our existing service area.”
Founded in 2011, Kodiak’s current portfolio of companies includes Barton Supply, a steel fabricator and distributor with 3 locations in Colorado, Gulf and Basco, a window, cabinet and appliance distributor serving greater Houston, and Great West Drywall Supply, a gypsum and accessories distributor also serving the Colorado market.
Ciampaglio added, “Kodiak brings expansion capital to grow our business, and both Russ and I will be significant investors in Kodiak going forward as part of this transaction. We’ve known and worked with Hylbert and Steve Swinney, Kodiak’s President and COO, for many years and are excited to be joining forces to participate in the housing recovery together.”
Swinney added: “We expect this to be the first of many acquisitions to take place under the New England Building Supply leadership team.”