US LBM strikes again
Just a week after announcing the acquisition of K-I Lumber & Building Materials in the Ohio River Valley, US LBM is at it again.
Wallboard Supply Company of Londonderry, New Hampshire is the newest member of the acquisition-oriented collection of LBM companies, now in 18 states with more than 90 locations.
US LBM bought the third generation, family run business from the Filion family and its investors. Terms were not disclosed.
Founded by Bob Filion, Wallboard Supply Company has been serving New England’s building needs since 1970. In addition to wallboard, Wallboard Supply carries metal framing, insulation, lumber and ceilings, among other products.
“US LBM will help my father John and I take Wallboard Supply to the next level,” said VP Ryan Filion. “The growth opportunities for our associates, vendor partners and customers are more than my grandfather and founder, Bob Filion, could have ever imagined.”
US LBM CEO L.T. Gibson described the acquisition as a great addition. “We are enthusiastic about expanding Wallboard Supply Company further into the oston metropolitan market with a new location planned in 2015,” he said.
U.S. LBM was the 2013 recipient of the HCN Pro Dealer of the Year Award.
Strong sales at Beacon
A slew of new locations and acquisitions pushed sales to a record fourth-quarter level at Herndon, Va.-based Beacon Roofing Supply.
Total sales increased 6.3% in the quarter to $726.5 million, up from $683.6 million in the same quarter last year. Net income for the fourth quarter was $24.2 million, down from $24.7 million in the prior-year quarter.
Paul Isabella, the company’s president CEO said: “Again this quarter we were able to demonstrate our focus on driving top line revenue growth with a 6.3% increase in sales. Almost two thirds of that growth was due to the success of our 26 new greenfields that we opened in the current year."
The company completed three acquisitions in August and October that, for next year, will add over $88 million to the revenue base, Isabella said.
“We continue to experience pressure on our gross margins which are down slightly from last quarter and from last year,” he said. “The soft residential market, coupled with heightened competition, has continued to put pressure on our market pricing. We continue to invest heavily to grow the business through the opening of the new greenfield branches. As a result, we are well positioned to continue to see sales growth. Recognizing the challenges we face from gross margin pressure, in 2015 we will continue our focus on driving more leverage through our operating cost structure and work to lower our overall operating costs as a percentage of sales.”
For the full year, total sales increased 3.8% to $2.33 billion, also an annual record. Net income for the full year was $53.8 million, down 25.8% from $72.6 million.
Obituary: Lumberyard owner John Bacon
The family of John William Bacon announced his passing on Nov. 13 at the age of 84.
A native of San Mateo, California, Bacon was a lifelong resident of the San Francisco Bay area whose lumber-industry career began in the early 1950s at San Bruno Lumber Company.
He later purchased South City Lumber & Supply, Economy Lumber Company of Oakland, and Piedmont Lumber.
He died at his home in Atherton, California. He is survived by his wife, Lynn; seven children, 16 grandchildren and four great-grandchildren.
Bacon’s funeral was held Nov. 21 in Menlo Park, Calif.