Tri-State Forest Products opens new DC
Tri-State Forest Products, the Springfield, Ohio-based wholesale distributor, has opened a new distribution center in Toledo, Ohio. This is the company’s third distribution center in the region.
The new location occupies the former Toledo Forest Products facility — former employees at that facility have accepted new positions with Tri-State. Tri-State recently purchased a large portion of the assets of Toledo Forest Products, which is based in Perrysburg, Ohio, for an undisclosed sum.
The new DC aims to serve customers in northern Indiana and Ohio, as well as to establish a greater presence in Michigan, according to a statement from the company.
Tri-State Forest Products distributes engineered wood, roofing, vinyl siding, decking, flooring and a number of other building materials. The company currently has locations in Toledo, Ohio; Perrysburg, Ohio; and Indianapolis.
Worker hurt in accident at Menards site
A worker fell 27 feet in an accident last week at a Menards store under construction in Ontario, Ohio, according to the Mansfield (Ohio) News Journal.
Aspokesperson for the contractor on the project, FH Martin Constructors of Warren, Mich., told the newspaper that the worker fell through an opening in the structure that had just been cut.
According to the report, the worker suffered serious injuries, including two broken wrists, when he fell through the unprotected opening at the site. The man was later transferred to a Cleveland-area hospital.
The 160,000-square-foot store is expected to be completed by the first quarter of 2009. Ontario is located in north-central Ohio.
Bradco sold to private equity firm
Bradco Supply, the Avenel, N.J.-based distributor of roofing and other building materials, has sold a majority interest to Advent International, a private equity firm that specializes in buyouts and strategic restructuring.
Terms of the deal were not disclosed. The transaction is expected to close in mid to late August.
Ranked in seventh place on the Home Channel News Top 350 Pro Dealer List, Bradco reported total sales of $1.70 billion for 2007, a 12.5 percent drop from the previous year. Sales in the pro channel were $1.68 billion. Bradco operates 154 locations in 30 states.
Company founder Barry Segal, who announced his retirement five months ago, will now be free to focus his time and efforts on charitable endeavors, according to a letter posted on Bradco’s Web site. Segal’s sons, Brad and Martin, will remain part of the management team, the letter said, as will Ted Boylan, who will continue as CEO. The Segal family has retained a minority stake in the business.
Advent International, in its own announcement, said it intends to “work with existing management, and the Segal family [will] capitalize on Bradco’s leadership position, growing through acquisitions of complimentary businesses and regional expansion.”
Advent’s initial investment in Bradco and funding for follow up growth and acquisitions will come from its new $10.4 billion Global Private Equity VI fund, according to the firm, which has completed more than 10 investments in the building products and distribution sector worldwide.