Stock Building Supply files for IPO
Raleigh, N.C.-based Stock Building Supply Holdings announced a plan Friday afternoon to go public.
The number of shares to be offered and the price range for the offering have not yet been determined.
Some of the biggest names on Wall Street are lined up to assist the transaction. Goldman, Sachs & Co., Barclays Capital Inc. and Citigroup Global Markets Inc. will serve as joint bookrunning managers in the proposed offering. Robert W. Baird & Co. Incorporated will act as lead comanager, and Stephens Inc. and Wells Fargo Securities will act as co-managers.
Stock today operates 48 distribution and retail operations in 13 states. Private equity firm The Gores Group acquired a controlling interest in Stock in 2009, and acquired the remainder in November 2011.
According to an SEC filing, Stock Building Supply intends to use the net proceeds from this offering to pay approximately $60.0 million of the outstanding debt and to pay a fee of $9.0 million to Gores to terminate its management services agreement with Gores, and to use the remainder for working capital and general corporate purposes.
It’s official: HD Supply goes public
HD Supply Holdings, the indirect parent of HD Supply, announced that it will launch an initial public offering of 53,191,489 shares of common stock.
The company hopes to raise $1.3 billion in its initial public offering, funds used to pay debt, transaction fees and other expenses. Shares of HDS are expected to become available through NASDAQ June 26.
HD Supply is one of the largest industrial distributors in North America. The company provides a broad range of products and value-add services to about 500,000 professional customers with leadership positions in maintenance, repair and operations, infrastructure and power and specialty construction sectors. With more than 600 locations across 46 states and nine Canadian provinces, the company’s approximately 15,000 associates provide localized, customer-driven services including jobsite delivery, will call or direct-ship options, diversified logistics and other solutions.
HD Supply was the wholesale distribution arm of The Home Depot, until it was sold in 2007 for $8.5 billion to a group of investors including Carlyle Group, Bain Capital and Clayton Dubilier & Rice.
PEOPLE IN THE NEWS: Parr Lumber
Mike Howell, Tony Cookston and Casey Doss are among the management promotions at the Hillsboro, Ore.-based pro dealer.
Parr Lumber’s recent appointment of Jim Boyer as the new president of the company and its subsidiaries created a chain reaction of advancement opportunities for others at the Hillsboro, Ore.-based company.
Howell was promoted to fill Boyer’s previous position as the director of operations.
Other promotions include Tony Cookston, newly appointed manager for the Newberg, Oregon location; Casey Doss, now manager of the Forest Grove location; and John Friesen was promoted to manage the northeast Portland location on MLK Blvd.
“Parr has always believed in promoting from within and creating career paths for our employees. It’s great to see so many of our team members receive such well-deserved recognition,” said CEO David Hamill.
The Parr Company consists of six distinct companies that provide building solutions and services: Parr Lumber Company, Parr Cabinet Design Centers, Cascade Wholesale Hardware, NSC, NSCi and Parr Marketing Group.