LMC releases record sales figure
Wayne, Pa.-based LBM co-op LMC announced a sales record for 2017. The company pointed to $4.3 billion in sales, a 13% increase from 2016.
“This milestone is truly a representation of the power of the LMC network,” said John Somerville, LMC President and CEO. “What makes LMC stand out, is the dedicated partnerships between loyal stockholders, suppliers, and staff.”
The company also pointed to a network of 1,350 dealer locations.
Looking forward to 2018, LMC expects pent-up demand for new homes from millennial buyers should lead to another strong year in the real estate market with increases equal to or better than 2017.
Last year, the company reported a 13% sales increase in 2016 over 2015.
LBM Advantage names Vendors of the Year
LBM Advantage has announced its 2017 Building Products Vendor of the Year Award recipients.
Vendor of the Year awards for 2017 will be presented at LBM Advantage’s upcoming annual meeting and trade show in Kissimmee, Fla. Award recipients will be acknowledged among four main Building Products categories. They are evaluated on a variety of criteria including sales growth, gross margin improvement, customer support, and product quality, LBM Advantage said.
The 2017 winners are: Commodities Vendor of the Year, Johns Manville; Kitchen & Bath Vendor of the Year, MasterBrand Cabinets, Inc.; Millwork Vendor of the Year, The Tapco Group; and Specialties Vendor of the Year, Freud Tools, Inc.
“These four vendors continue to support the co-op and its members, and strive to reach outstanding sales goals. The awards are a testament to the hard work and focus of our sales team and of these supporting vendors,” said Tom Molloy, LBM Advantage executive vice president, products, and programs.
LBM Advantage is a member-owned forest products and building materials cooperative comprised of the industry’s premier independent LBM retailers. The co-op operates from four locations in New Windsor, N.Y., Grand Rapids, Mich., Smithfield, N.C., and Monroe, La.
Acquisition for Midwest Wholesale Hardware
Midwest Wholesale Hardware completed the acquisition of the assets of Strauss Lock Distributors. Financial terms of the deal were not revealed.
Based in Des Moines, Iowa, Strauss Lock Distributors is a distributor of residential door hardware and security products. In addition to its Des Moines headquarters, the company operates distribution centers in Phoenix, Arizona and Charlotte, North Carolina. SLD provides service and solutions for the residential builder market.
“SLD’s focus on the residential builder market and strength in the building products channel are tremendous complements to Midwest Wholesale Hardware’s extensive commercial and institutional offering,” said Scott Rubino, Principal, High Road Capital Partners. “In addition, Midwest will be able to extend SLD’s reach into several new geographic markets.”
“We’re excited to join the Midwest Wholesale Hardware team and have the company’s national distribution network behind us,” said Dan Swift, President, Strauss Lock Distributors, who will continue to lead SLD following the acquisition. “Our new partnership will provide access to resources and expertise that will take SLD to the next level.”
Midwest Wholesale Hardware was acquired by High Road in February 2017 and was the sixth platform company for High Road Capital Partners Fund II. Strauss Lock Distributors is the second acquisition completed by Midwest Wholesale Hardware under High Road’s ownership and follows the acquisition of Akron Hardware in October 2017.
New York-based High Road Capital Partners, which also owns General Tools and Instruments, has completed 46 transactions – 17 platform investments, 23 add-on acquisitions and six exits – since its founding in 2007.