Stock Building Supply prepares for IPO
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Raleigh, N.C.-based Stock Building Supply announced on Tuesday morning details regarding its Initial Public Offering.
The pro dealer, which will be traded on the Nasdaq Global Select Market, is looking to raise roughly $150 million by offering up some 8.8 million shares at an anticipated price of $16 to $18. The company’s ticker symbol will be “STCK.”
Stock Building Supply, formerly known as Carolina Holdings, has a rich history in the Mid-Atlantic and Southeast. It was also one of the first coast-to-coast building material dealers, and changed its name in 2000 to reflect its national footprint.
The housing downturn took its toll on the company, which peaked in sales of $4.16 billion in 2005. Since then, a scaled-down version of Stock operates 53 locations. The company ranked ninth on the HCN Top 200 Pro Dealer Scoreboard with sales of $1 billion.
Private equity firm The Gores Group acquired a controlling interest in Stock in 2009, and acquired the remainder in November 2011.
Goldman, Sachs & Co., Barclays Capital Inc. and Citigroup are serving as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated is acting as lead co-manager, and Stephens Inc. and Wells Fargo Securities, LLC are acting as co-managers.
U.S. Concrete’s Redi-Mix acquires Bodin assets
U.S. Concrete expanded its presence in Texas via the acquisition assets belonging to Bodin Concrete, L.P. Redi-Mix, LLC, a subsidiary of U.S. Concrete, will acquire three of Bodin’s ready-mixed concrete plants.
The plants, located in Wylie, Rockwall and Forney, Tex., complement Redi-Mix’s exsiting presence in the Dallas/Forth Worth area.
"With the continued residential market recovery and the anticipated commercial and infrastructure growth, we have long desired a presence in the eastern corridor," said U.S. Concrete president and CEO William J. Sandbrook. "We are extremely pleased to welcome these new operations to the Redi-Mix group and expect them to be important additions to our ability to service the expanding Dallas market."
Though U.S. Concrete specializes in both ready-mixed concrete and aggregate products, only seven of its 122 facilities focus on the latter.
ABC Supply acquires AWB’s assets
ABC Supply Co., Inc. has finalized its acquisition of American Wholesale Building Supply Co., a Tennessee siding and windows distributor.
The former AWB building will now operate as a satellite location of ABC’s Nashville headquarters, located less than a mile away.
Though ABC Supply Co. is a wholesale distributor of siding, windows and certain exterior building products, it will continue to specialize in roofing products at its existing Nashville branch, specifically steep-slope and low-slope items. The former AWB location will remain focused on siding and windows.
“New residential construction has rebounded strongly in Nashville this year, and adding this new facility will allow us to better support these customers with their siding needs,” said Jim Kaufmann, vice president of ABC Supply’s Southeast Region. “Having a satellite location dedicated to siding and windows will equip us to give these customers the specialized services they expect. It will also free up capacity in our existing branch, allowing us to more effectively and efficiently meet the needs of our roofing customers.”