Paint Sundries Solutions partners with LMC
Paint Sundries Solutions, Inc (PSS) has partnered with Lumbermens Merchandising Corp. (LMC), a leading forest products and building materials buying group.
PSS is a full-service distributor of brand name paint-related products headquartered in Kirkland, Wash., with distribution centers in Seattle, Salt Lake City, Los Angeles and Dallas.
In the central and western United States, PSS will offer premium products along with market expertise, according to the press release announcing the move.
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New M&A/private equity firm enters building industry channel
A former co-founder of Building Industry Partners has formed a new venture that targets privately owned “middle market” LBM companies. Anchor Peabody LLC, founded by Jason Fraler, offers private equity capital, mergers and acquisitions and debt advisory to the building and construction industry.
Joining the firm’s advisory board is Tony DeCarlo, the former CEO of Lumbermens Merchandising Corporation (LMC).
Anchor Peabody will partner with and provide private equity capital of $10 million to $100 million per transaction to independent building industry company owners and management teams for growth equity; recapitalization or sale; and management team buyouts. The merchant banking firm also offers advisory services to owners and executives of building industry companies, primarily with $25 million to $500 million in revenues, in connection with a wide range of critical strategic and financial transaction-related matters such as mergers, acquisitions, recapitalizations, restructurings, equity and debt capital raises.
Fraler said he hopes to fill the advisory void in the middle-market U.S. building industry left by Wall Street and regional investment banks, which typically underserve the building industry when they focus on only the largest private and public companies, operate as “generalists,” and lack deep industry expertise. Business brokerage firms offer narrower and lower service levels and limited technical and industry expertise for middle-market company owners and operators, he said.
“Ultimately, we think Anchor Peabody will resonate with folks, and we plan on winning them over one client at a time,” Fraler added.
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Construction firms form joint venture
Reno Contracting, a San Diego-based builder in the biotech, medical, commercial, industrial and retail, green construction industries, has teamed up with Coyle Residential, a full-service general contractor specializing in high-density, multi-family apartments, mixed use, condominiums design coordination, budgeting and turnkey construction. Under the agreement, Reno and Berkeley-based Coyle will work on a project-specific, but ongoing basis, combining their respective specialties on large-scale multi-family and mixed-use projects.
Their first joint-venture project is a 271-unit, four-story multi-family apartment building, with a 5.5-story parking structure and related site infrastructure located in San Jose. Demolition is near completion, and site improvement and building construction are scheduled to begin in April 2012. The project is expected to take 24 months to complete, with a construction value of approximately $43 million.
In a prepared statement, Reno president Walt Fegley pointed out the advantages of the partnership for both companies. For Coyle Residential, “[It provides] a strong foundation of Reno’s bonding and financial strength along with its proven processes and procedures," he said.
Fegley added: "We are pleased to embark on a joint venture that allows us to apply our design-build and energy-efficiency expertise in new markets, both geographically and within the construction industry.”
This is one of the biggest
This is one of the biggest event that happened in the state. A collision of different construction firms in the area are making a venture towards better establishments. It does require all firms to have quality assurance certification in building and in engineering.
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