John H. Myers joins US LBM Holdings
John H. Myers, a six-unit chain of LBM outlets located throughout south central Pennsylvania and Northern Maryland, has joined US LBM Holdings as its seventh division.
Revenues for Myers, No. 99 on the HCN Pro Dealer Scoreboard, topped $55 million in 2010, and the company is on track to exceed that pace in 2011, according to the announcement. The company also operates showrooms featuring kitchens, flooring, windows, doors and other products for the custom and regional builder, remodeler and consumer.
Myers will continue to operate as John H. Myers & Son with its same work force and base of retail locations. US LBM Holdings provides Myers with capital and back-office support to enable growth.
“John H. Myers & Son has played an important role in the growth of our communities since its founding in 1916,” said Bob Myers III, a fourth-generation family owner who will serve on the senior leadership team. “My family and I are excited about this new chapter for the company. Our customers, vendors and employees will benefit from our ability to access resources made available by a partnership with US LBM.”
Bob Wood will continue to serve as president of Myers, a position he has held for the past six years. The company is headquartered in York, Pa.
US LBM Holdings, No. 10 on the HCN Pro Dealer Scoreboard, is a collection of seven LBM dealers serving the Midwest, Northeast and Mid-Atlantic in eight states with more than 35 locations. US LBM, owned by private equity group BlackEagle Partners, is the fastest-growing pro dealer in the United States.
Arizona home builder to exit Chapter 11
Fulton Homes, one of Arizona’s largest privately-owned home builders, has announced the confirmation of its reorganization plan in U.S. Bankruptcy Court. The company filed for Chapter 11 in 2009.
"Fulton Homes Corporation will repay all our creditors in full and has money in the bank," said CEO Douglas Fulton . "Our projections reflect that we will be able to self-finance our cash needs over the next four years and will not need any new bank financing." In addition, Fulton noted the company would operate as normal and continue developing new communities in the Valley.
According to Steve Walters, Fulton Homes’ CFO, the banks will immediately receive $57.5 million dollars.
"Fulton Homes is coming out of the reorganization completely solvent and will operate without outside financial assistance," said Walters. "We are exceeding the projected sales and cash flows provided to the banks in our restructuring proposal."
Since filing in 2009, Fulton Homes Corporation has doubled its market share and has added several new communities, according to the RL Brown Report, the agency that measures home building activity.
Currently, Fulton Homes is adding five communities in Chandler and Queen Creek within the next year. Monterey Bay, their most recent community, is 90% sold out after being on the market for only four months, the company said.
Fulton Homes Sales Corp., which oversees and manages all sales and marketing functions, including customer care and home warranties did not file for bankruptcy protection. Fulton Homes Corporation handles land and acquisition duties for the home builder.
At MVMA, wall-to-wall design winners
The Masonry Veneer Manufacturers Association Design Awards recognized a variety of projects featuring masonry veneer on the interior or exterior of the project.
The program was created to recognize the work of industry professionals who are setting trends by featuring manufactured stone veneer in their projects.
“For the second year, our judges were overwhelmed by the amount of quality submissions,” said Mike Fischer, MVMA general manager. “This award program is really picking up speed and epitomizes how masonry veneer products can be used for innovative and eye-catching projects.”
The gold winners included:
• Hardscape, residential: Toscana Palazzo Grande – Veneerstone;
• Hardscape, onresidential: Colonial Heritage – Environmental StoneWorks;
• Remodel, residential interior: Central Park West – Veneerstone;
• Remodel, residential, Exterior: Tambone Residence – Veneerstone;
• Remodel, nonresidential, interior: Christ the King Church – Environmental StoneWorks;
• Remodel, nonresidential: Exterior: Universal luxury apartments – Veneerstone;
• New Construction, residential interior: The Berman Residence – Quality Stone Veneer
• New Construction, residential exterior: HGTV Green Home 2011 – Coronado Stone Products
The judging took place at the Clarion Anaheim Resort Hotel in Anaheim, Calif., during the MVMA annual meeting. This is the second year that MVMA has hosted the event. The judges selected 27 winners (gold, silver and bronze) out of the total of 57 entries. Submissions for the contest were received from February through June of 2011.