Northeast Building Supply expands
Bridgeport, Connecticut-based Northeast Building Supply announced the acquisition of Architectural Building Components of Hackensack, New Jersey.
Terms of the deal were not released. Both companies said the transition is expected to be seamless to customers. The team of employees at Architectural Building Components will continue business as usual in the Hackensack and Long Branch, New Jersey, facilities.
Established in 1994, Architectural Building Components specializes in the distribution of window and door products, services, and expertise to architects, contractors and homeowners.
Paul Waldman, general manager of Architectural Building Components, called the deal a win-win, and a deal that will “make a huge impact in the custom window and door marketplace in the tri-state area.”
He added: “Both companies ultimate goal has always been complete customer satisfaction.”
Jan Cohen, Co-CEO of Northeast Building Supply, described Architectural Building Products as a perfect complement to the business. “We’re committed to continuing the expansion of products, services, and expertise that contractors, homeowners and architects depend on,” Cohen said.
Slide show: Handy Hardware’s San Antonio Market
San Antonio, Texas — Handy Hardware, a Hardware Holdings company, concluded its Fall Market here at the Henry B. Gonzalez Convention Center.
“We couldn’t be more pleased with the attendance and participation at this year’s Fall Market,” said Craig Cowart, president of Handy Hardware. “Our double digit gain in attendance with close to a thousand attendees and over 500 manufacturers represents Handy’s focus on recapturing lost market share with both existing and new customers.”
In a business review with dealers, Cowart, who also heads the Local Market Division for Hardware Holdings, explained how the acquisition of Handy by Hardware Holdings now gives Handy the capabilities of national distribution, greater buying power, a broader range of products, and the ability to provide owned brands that offer a value alternative to national brands with 30% to 60% margins in selected categories.”
Handy hosts two markets each year. Next up is the Spring 2016 Market set for Houston, Texas, Jan. 21-23.
Beacon ramps up growth despite Q3 weather challenges
Beacon Roofing Supply, Inc. had a growth-centric third quarter in what CEO Paul Isabella described as a continuation of the momentum from the recent Roofing Supply Group acquisition.
“Today’s record third-quarter earnings release continues the tremendous momentum from our July 27 announcement of Beacon’s agreement to acquire RSG," said Isabella. "I look forward to the anticipated Oct. 1, 2015 closing of the RSG acquisition and to have RSG’s 83 branches and talented and experienced workforce join Beacon and help deliver even greater service and product offerings to our customers. Until then, we will remain focused on driving growth and enhanced profitability across our 274 branches, which we accomplished in our third quarter… Also encouraging is that our growth pace accelerated solidly through the quarter after difficult weather conditions in April and early May, particularly in our West Division."
The company pulled in net sales of $718.2 million in the three months ended June 30, up 8.3% from last year's $663.4 million.
This came from growth in all three product lines, led by residential roofing and complementary product sales at 13.2% and 9.8% growth, respectively.
Net income was $28.3 million for the quarter, up from $26.8 million in the third quarter of 2014.
Third-quarter EPS also rose slightly to $0.56, versus $0.54 in the prior year.