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Jackson Lumber to add unit

Jackson Lumber & Millwork has agreed to purchase the assets of the Eastern Lumber Co. in Amesbury, Mass., according to an article in the Newbury Port News.

The 14,000 sq. ft. former Eastern Lumber store, which sits on 3.5 acres, closed last June after 61 years in business.

The acquisition will expand Jackson’s territory to the northern portion of Essex County, the beaches and southern New Hampshire. Once the deal is completed, Jackson Lumber plans extensive renovations, according to the news report. The lumberyard is projected to open in the spring of 2012.

Based in Lawrence, Mass., Jackson Lumber & Millwork has another full-size lumberyard and millwork manufacturing facility in Raymond, N.H., along with a kitchen design showroom in North Andover. The company also operated a lumberyard in Haverhill until the summer of 2009. 

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Despite obstacles, NAHB sees slow improvement

The National Association of Home Builders took encouragement from a nearly 4% increase in single family housing starts in October. 

The government’s numbers for October housing production are very much in keeping with what home builders have been telling us in our recent surveys,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “While we still have a long way to go toward a recovery, some signs of hope are emerging in certain markets where economic and job growth is occurring and where foreclosures have not been an overwhelming obstacle.” 

Also positive from yesterday’s residential construction report from the Commerce Department was a double-digit increase in building permits.

“The three-month moving averages for both housing production and permitting activity have been gradually rising since this spring, which is consistent with our forecast for slow improvement in market conditions through the end of this year and a positive sign that a more solid recovery will begin to take hold in 2012,” said NAHB Chief Economist David Crowe. “That said, the improvements we are seeing are still limited to scattered local markets where economies are improving, and obstacles such as tight credit conditions for builders and buyers, appraisal issues stemming from new homes being compared to distressed properties, and consumer concerns about job security are definitely slowing the progression of both a housing and economic recovery.”

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Wolseley sells remaining shares in Stock

The Gores Group, the primary owner of Stock Building Supply, has bought the remaining shares of the LBM company from UK-based Wolseley for an undisclosed sum.  A private equity firm based in Boulder, Colo., and London, The Gores Group acquired a controlling interest in Stock on May 5, 2009.

Wolseley was associated with Stock for 27 years and still owns plumbing and HVAC wholesaler Ferguson Enterprises in the United Sates and Canada. 

“We have high expectations for Stock, and this transaction solidifies our position in the company,” said Ryan Wald, managing director of The Gores Group. “Stock is well-situated to weather the downturn and is capable of rapid growth as the market recovers. This additional investment will allow us to participate fully in the growth of Stock and the recovery of the housing market.”

Jeff Rea, CEO of Stock, said: “The Gores Group is an exceptional partner and has provided the support and leadership needed to re-position Stock in these turbulent times. This additional investment by Gores is a sign of confidence in our associates and our strategy, and we look forward to working collaboratively with The Gores Group in the future.

“We appreciate our 27-year association with Wolseley and look forward to accelerating our company’s growth and performance with The Gores Group.”

Based in Raleigh, N.C., Stock operates in numerous U.S. markets, including Washington, D.C.; Raleigh-Durham, Charlotte and Winston-Salem/Greensboro, N.C.; Los Angeles; Atlanta; Paradise, Pa.; Richmond, Va.; Greenville and Columbia, S.C.; Albuquerque, N.M.; Salt Lake City and southern Utah; Spokane/northern Idaho; central and northwest Arkansas and Austin, Amarillo, Houston, Lubbock and San Antonio, Texas.