ProBuild acquires Colorado’s Harbert Lumber Co.
Denver-based ProBuild Holdings acquired the assets of Harbert Lumber Co., a building materials supplier based in Colorado, with locations in Grand Junction, Glenwood Springs, Aspen and Steamboat Springs.
Terms of the sale agreement were not disclosed.
ProBuild is the largest pro dealer in the country and operates 450 locations nationwide and 10 retail locations in Colorado. The company said the move comes at a time when residential and commercial construction are showing signs of returning to the region.
“The addition of Harbert Lumber will enable ProBuild to service the growing needs of our customers in Colorado, particularly in the mountain towns where we have not had a robust presence until now,” said Bill Myrick, president and CEO of ProBuild. “Within each market, ProBuild will combine local market expertise with the strength and scale of a national industry leader to continue delivering on the needs of our customers and partners.”
Harbert Lumber currently operates four locations in Colorado and employs 45 employees statewide.
“We’re very excited to join the ProBuild family,” said Gordon Harbert, owner of Harbert Lumber Co. “Their resources ensure the business we’ve built will maintain our leadership position in all the western Colorado markets we serve. We look forward to the added opportunities this merger will provide to our employees as well.”
Foreclosure talks may drag on
The first face-to-face meeting between top bank executives and government officials over irregularities in foreclosure procedures may be followed by months of further negotiations, according to a report in the Los Angeles Times.
Attorney Generals of all 50 states and representatives of seven federal agencies are investigating these procedures, which are creating a backlog of foreclosures at many lending institutions. State and federal officials met in Washington, D.C., on March 30 with representatives of the five largest mortgage servicers — Bank of America, Wells Fargo, JP Morgan, Chase & Co., CitiGroup and Ally Financial Inc. — to discuss practices such as “robosigned” foreclosure documents, as well as guidelines for the industry going forward.
The two sides have exchanged draft proposals covering new guidelines for foreclosures and mortgage servicing. Banks are looking at a possible $25 billion settlement and might be required to allow homeowners to sell their houses for less than what is owed on their mortgages.
Beazer Homes launches Pre-Owned Homes Division
Atlanta-based Beazer Homes has introduced its Pre-Owned Homes Division in an effort to expand beyond new home sales. The new division acquires, improves and rents recently built, previously owned homes within select communities in markets where the company currently operates. The home builder is initially offering pre-owned homes in the Phoenix market.
"While many prospective home buyers recognize that this is an excellent time to purchase a new Beazer eSMART high-performance home — with all of its award-winning energy-saving features — other consumers want or need different home alternatives. With the Pre-Owned Homes Division, we look forward to addressing this demand," said Ian J. McCarthy, Beazer Homes’ CEO.
The program will offer homes that have been built since 2004 by a reputable builder, including those by Beazer. The homes will receive repairs and upgrades according to the company’s standards.
In the coming months, Beazer Homes may expand the division to include homes in Nevada or California.
Beazer expects to offer these homes for re-sale, either to their respective tenants or to other buyers, once the housing market recovers.