Stock Building Supply acquires TBSG in Atlanta
Raleigh, N.C.-based Stock Building Supply acquired Total Building Services Group, an Atlanta supplier of structural components and architectural millwork.
Terms of the sale were not disclosed.
“Atlanta is an important market for our company, and we are excited to welcome TBSG to the Stock family. Our Atlanta business is performing very well, and this acquisition increases our capability to provide our customers value-added solutions and services,” said Jeff Rea, Stock president and CEO. “We have immediately invested to increase capacity at TBSG to support the growth of our customers and are thrilled to welcome the TBSG associates to the Stock team.”
Bill Poston, the former owner of TBSG and CEO of Traton Homes, will stay on as an adviser.
Stock Building Supply, which operates in 19 markets, is owned by The Gores Group, a Los Angeles-based investment firm.
Huttig completes share repurchase
Huttig Building Products has completed a repurchase of 1.0 million shares of its common stock at $1.10 per share from its largest stockholder, The Rugby Group Limited. The share repurchase was effected in a private transaction, and the aggregate purchase price was funded with available funds.
Jon Vrabely, president and CEO, said in a prepared statement: “Throughout the entire unprecedented downturn in the housing market over the past five years, we have focused on preserving the long-term value proposition of the company, managing the integrity of the balance sheet and protecting the interests of our shareholders. To that end, we have been successful in meeting our objectives without adding significant debt to the balance sheet or diluting our shareholders. We are extremely pleased that our financial performance and liquidity position have provided us the opportunity to deliver meaningful value to our shareholders through this transaction."
Headquartered in St. Louis, Huttig is a leading distributor of millwork, building materials and wood products used principally in new residential construction and home improvement, remodeling and repair work. Huttig distributes its products through 27 wholesale distribution centers serving 41 states. The company sells principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.
Headwaters to acquire Kleer Lumber
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South Jordan, Utah-based Headwaters Inc., a division of Tapco, agreed to acquire the assets of cellular PVC trim and moulding product manufacturer Kleer Lumber.
The purchase price is about $43 million for Kleer, whose products are made at its Westfield, Mass., manufacturing and research and development facility.
Headwaters said it believes the demand for cellular PVC building products is growing due to the ability to cut, mill, shape and install in the same manner as wood products, but with the added benefit of cellular PVC requiring significantly less maintenance than wood. Headwaters intends to introduce Kleer Lumber’s product offerings into its national distribution network, expanding its point-of-sale locations.
According to Headwaters, the acquisition of Kleer Lumber will add a full range of cellular PVC products to Headwaters’ Light Building Products offerings, including trim boards, millwork, sheet stock, paneling and moulding, as well as the company’s recently introduced decking and railing products.