PulteGroup sells land assets in Colorado
Bloomfield Hills, Mich.-based PulteGroup has completed the sale of land approved for about 1,500 residences in Broomfield, Colo., to Wheelock Street Capital, a private real estate investment firm.
The transaction is for the remaining developed lots and undeveloped land in Anthem, Colo., a 1,700-acre master planned community in the northwest Denver metro area. The master plan includes Anthem Ranch and Anthem Highlands communities.
Terms of the transaction were not disclosed.
"We are very proud of the Anthem Highlands and Anthem Ranch communities, which are known for their spectacular array of amenities and for being a great place to call home," said Patrick Beirne, PulteGroup West Area president. "This sale is consistent with PulteGroup’s capital allocation strategy and overall focus on driving greater returns on invested capital."
Wheelock principal Dan Green said that Wheelock’s Denver partner, Jeff Handlin of Oread Capital and Development, would manage Anthem’s future development.
PulteGroup will maintain local customer service teams at Anthem and continue to provide warranty service to its current homeowners.
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Washington roofing distributor sold
Intermountain Supply, a roofing distributor with branches in Seattle and Spokane, Wash., has been acquired by Roofing Supply Group, one of the largest wholesale distributors of roofing supplies and related materials in the United States. The purchase price was not disclosed.
Founded in 1995, Intermountain Supply is a portfolio company of The Sterling Group, a private equity investment firm.
Mike Farrell, president and CEO of Roofing Supply Group, said in a prepared statement: "We had identified Washington as an attractive market for RSG’s entry in 2011, and we are thrilled to partner with the IMS team to extend our footprint into this new geographic region."
Headquartered in Dallas, Roofing Supply Group operates 58 branches in 23 states. It provides one-step distribution services from roofing product manufacturers to roofing contractors and home builders. Each branch carries a complete line of roofing products for residential and commercial roofing, including composition asphalt shingles, underlayment and associated ancillary products.
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WOLF kicks off 2012 with corporate restructuring
York, Pa.-based building products company WOLF renamed and reorganized several divisions amid a slew of new appointments.
The restructuring will result in a reduction in the number of business units from 13 to seven for the company that said it is continuing its transition from a traditional distributor to "an innovative new supply-chain model."
Tom Wolf, WOLF chairman and CEO said: “This reorganization enables us to distribute decision-making authority more broadly throughout the company. The new structure also provides clearer lines of accountability.”
There were no job cuts as a result of the restructuring.
Under The Wolf Organization umbrella, WOLF Building Products will become WOLF Home Products. This division will source and sell American-made, WOLF-branded products through WOLF and other channels located in the United States and beyond.
In addition to his role as president of The Wolf Organization, Craig Danielson will serve as president of the new WOLF Home Products division. Brad Kostelich will assume the position of president of WOLF, formerly called Wolf Distributing Co. Mike Sessinger will serve as executive VP sales. Rick Post, Bob Lett, Joe Facini and Mark Simmers will serve as regional VPs in WOLF’s Northeast, Mid-Atlantic Building Products, Mid-Atlantic Kitchen and Bath and Southeast business units, respectively.
The restructuring will also create two shared services divisions: WOLF Support Services, which will be led by Patty Cobaugh, who will assume the title of executive VP, and the WOLF Corporate Division, which will be led by executive VP and chief financial officer Michael Newsome.
WOLF develops products and programs that enable 3,000 pro dealers across 18 East Coast states.
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