Stock hires former Home Depot exec
Mark Fikse has joined Stock Building Supply as the division president and general manager for the Southeast region, reporting to CEO Jeff Rea, according to a company statement. He will be responsible for business operations in North and South Carolina and Georgia.
Before joining Stock, Fikse served as a principal with American Capital since 2006. He was president of Creative Touch Interiors, a subsidiary of The Home Depot from 2000 to 2005. Prior to that, Fikse was VP strategic business development for The Home Depot from 2000 to 2002. He has also held positions with McKinsey & Co., Accenture and Blue Ridge Partners.
LP gets ULC listing for Flameblock sheathing
LP’s Flameblock sheathing, a fire-resistant oriented strand board (OSB), has earned a UL listing from the Underwriters Laboratories Canada (ULC). This listing followed three rounds of fire testing by ULC, satisfying requirements for use of the ULC label on the product. The testing was conducted at ULC’s fire testing facility in Toronto, Ontario.
Designed to slow the spread of heat and flames in the event of a fire, LP FlameBlock Fire-Resistant OSB Sheathing features a thin coating of non-toxic magnesium oxide cement and fiberglass strongly bonded to oriented strand board. The coating is highly resistant to fire, while simultaneously increasing the structural performance of the panel.
LP FlameBlock Sheathing is ICC-certified for common roof and wall designs in multi-family and commercial buildings. It can also be used in applications where building codes require a flame-spread rating or burn-through resistance rating — or where designers and builders desire fire resistance in addition to structural strength and impact resistance. LP FlameBlock Sheathing contains no hazardous chemicals.
TimberWest Forest Corp. to be sold
TimberWest Forest Corp., Western Canada’s largest private timber and land management company, has entered into a purchase agreement with two Canadian pension funds, British Columbia Investment Management Corp. and the Public Sector Pension Investment Board. The purchase price is C$1.03 billion in cash, including assumed debt.
Headquartered in Vancouver, TimberWest owns approximately 808,000 acres of private land and is in the business of selling timber products and real estate. It is traded on the Toronto Stock Exchange under the symbol "TWF.UN."
As part of the definitive agreement, TimberWest has a 60-day "go-shop" period during which it is permitted to solicit a superior proposal. If TimberWest is successful in soliciting a superior proposal during the go-shop period, there will be a break fee of approximately $18 million.
The transaction is subject to regulatory and court approval, as well as an approval vote by 66 2/3% of the unit (share) holders. In the absence of a superior proposal, the transaction is expected to close by the end of June 2011.
BMO Capital Markets acted as financial adviser to TimberWest and the special committee and will be managing the go-shop process on behalf of the company. UBS Securities Canada Inc. acted as independent valuator and financial adviser to the special committee.