For LMC, a record-breaking year
Wayne, Pa.-based LBM buying group LMC hit new heights in 2016 — dealer purchases exceeded $3.8 billion, a 13.4% increase compared to the previous year.
“This represents an all-time record year in the history of our co-op,” LMC president John Somerville said. Nineteen new stockholder companies joined LMC in 2016 while existing dealers added 32 new locations to their ranks. There are more than 1,400 LMC dealer locations in the United States and the Bahamas, and collective retail sales of those dealers is about $12.4 billion, the company said.
“LMC dealers are positioned well for capturing growth,” Somerville said, in a prepared statement. “Going forward we plan to better utilize our collective power to help each of our dealers grow their business, to be the most competitive and most reputable and trustworthy source of information and products in the industry.”
Somerville shared the results during the buying group’s annual meeting in New Orleans, which included a New Products Area of 95 exhibits, and a showcase for the newly re-launched private label ModernView Brands, offering exclusives in windows, decking and cabinets.
U.S. Lumber lifted by private equity money
Atlanta-based building products distributor U.S. Lumber will be infused with private equity money as part of a plan to grow its product mix and geographic footprint.
Madison Dearborn Partners, a Chicago-based private equity firm, agreed to make a “strategic growth investment" in U.S. Lumber, a two-step distribuotor in the eastern U.S. The existing management team of U.S. Lumber will remain in place. The dollar amount of the investment was not released.
“We are thrilled to be working with MDP,” said U.S. Lumber president and CEO Jeff McLendon. “The resources and expertise they bring to our relationship will accelerate our opportunity for product and geographic growth. Coupling our combined resources with a shared set of values between our two organizations should enhance our supplier relationships and customer offerings while also advancing our growth plans.”
U.S. Lumber is a company with over $500 million in revenue. It was formed by the merger in 1998 of Atlantic Trading Company and Bestwood Forest Products. The company serves more than 4,000 pro dealer and retail customers in 23 U.S. states from distribution centers in Atlanta; Greenville, S.C.; Raleigh, N.C.; Nashville, Tenn.; Jacksonville, Fla.; central Florida, Mobile, Ala.; Baltimore and Boston.
Of the company’s nine locations, five were successfully green-fielded, said founder and executive chairman Lawrence Newton.
Newton added: “With MDP on board, we now have an even greater opportunity to serve our suppliers and customers with additional geographical expansion through acquisition.”
House-Hasson names an executive VP
House-Hasson Hardware has promoted Steve Henry to the role of executive VP.
Henry has been senior VP and a director of the company since March 2016. Prior to this role, he was serving as credit manager since July 2010.
“Steve has proven himself to be a gifted administrator and talented executive,” said president Don Hasson. “As executive vice president, he will be primarily responsible for the day-to-day operations of the company, at which I believe he’ll do an excellent job."
“This will give me more time to focus on strategic aspects of our business and its future and to be even more in touch with our dealers,” Hasson added.
“I’m deeply grateful for Don Hasson’s confidence in me and look forward to my new responsibilities with high enthusiasm and exceptional confidence in House-Hasson’s future,” Henry said. “This is a highly successful 110-year-old company that has navigated successfully over the years through the ups and downs of the national economy and the tremendous changes in the hardware store and lumberyard businesses."
“Under Don’s leadership our company will continue to prosper and I’m privileged to be working with such a terrific team of employees and dealers,” Henry said.