Patrick Industries acquires Frontline and Premier Concepts
In a combined transaction, building products manufacturer and distributor Patrick Industries, Inc. has completed the acquisition of both Frontline Mfg., Inc. and Premier Concepts, Inc. for a combined net purchase price of $8 million.
The transaction includes the acquisition of accounts receivable, inventory, prepaid expenses, tooling, machinery, equipment and vehicles. The deal was funded by the company’s $80 million revolving secured senior credit facility.
Frontline is a manufacturer of fiberglass bath fixtures with a projected annual revenue of about $15 million for 2013.
"Frontline’s reputation among its customer base for innovative designs, high quality products, and exceptional in-house engineering capabilities will allow us to establish a strong presence in the fiberglass bath fixtures market within the industries we serve while providing opportunities to bring new products to market through existing sales channels," said Todd Cleveland, president and CEO of Patrick.
Meanwhile, Premier is a custom fabricator of solid surface, granite and quartz countertops with a projected revenue of $10 million for 2013.
"The acquisition of Premier will enhance our position as an industry leader in the RV, MH, and industrial countertop markets by leveraging our operational talent and experience with the team at Premier," Cleveland continued. "Consistent with previous acquisitions, we will continue to support both of these businesses with a financial and operational foundation that will allow each to preserve the entrepreneurial spirit that has been so important to their success, and enable each to continue to bring the highest quality products, service and value to our customers."
Both Frontline and Premier will maintain their brand names and continue to operate on a stand-alone basis.
Georgia-Pacific and U.S. Lumber sign EWP deal
Georgia-Pacific and U.S. Lumber have announced they are entering a distribution agreement for engineered wood products (EWP).
The agreement, effective Nov. 1, 2013, provides for U.S. Lumber to distribute Georgia-Pacific engineered lumber in Alabama, Arkansas, Kentucky, Mississippi, North Carolina, South Carolina, Virginia, the panhandle of Florida, Georgia, and Tennessee. Both companies are based in Atlanta.
“We are excited to be expanding our footprint with Georgia-Pacific engineered lumber products,” said Lawrence Newton, CEO of U.S. Lumber. “These new territories help to broaden our commitment to our customers in these areas.”
U.S. Lumber will be supplying the complete line of Georgia-Pacific engineered lumber products, including Wood I Beam joists, GP Lam laminated veneer lumber (LVL), Fiberstrong rim board and laminated beams.
“We are pleased to have a distributor like U.S. Lumber as part of our network and are looking forward to helping them serve these territories,” said Paul Watterson, general manager for Georgia-Pacific Wood Products. “Their experience selling specialty wood products makes them a great fit within our EWP strategy.”
Edward Hines Lumber to Open Grayslake Location in November
The property located at 939 South Route 83 in Grayslake will be managed by former owner of Stan’s Lumber, Carl Torstenson.
“We are excited to have this opportunity in Grayslake,” said Torstenson. “The facility will allow Edward Hines to fulfill the demand for an additional Lake County professional building materials dealer. We look forward to servicing customers throughout Lake County and the surrounding areas.”
In addition to providing a full range of lumber and building materials, the Edward Hines Grayslake Location will have a window, door and cabinetry showroom and design center.
Edward Hines also operates building supply centers in Alsip, Hampshire, and Wheaton, a Millwork facility in Kirkland, and a Window, Door and Cabinetry showroom in Buffalo Grove.
“The addition of Edward Hines to the Grayslake area will help diversify and stabilize the local economy in the “Heart of Lake County,” said Grayslake Mayor Rhett Taylor said. “Edward Hines has been a landmark business throughout Chicagoland and we are proud to welcome them to historic Grayslake.”
Founded in 1892, Edward Hines Lumber, operates locations servicing homebuilders and professional remodelers throughout the state of Illinois, lower Wisconsin and Northern Indiana.
US LBM is a collection of leading building material distributors serving the Midwest, Northeast and Mid-Atlantic in eight states with more than 50 locations. The company is one of the fastest growing companies in the building supply industry and was awarded 2013 Pro Dealer Of The Year by Home Channel News.
Implementing the philosophy of local management and leadership, US LBM capitalizes on the premier reputation and local customer relationships that each operation is known for in its market. Our primary focus is on customers that require specialized services, such as homebuilders and professional remodelers as well as multifamily and commercial contractors.