News

Vendor Center chief applauds new alliance

BY HBSDEALER Staff

The Vendor Center president Darrell Wabschall said the recently announced alliance with PRO Group Inc. will improve the information flow between retailers, distributors and vendors.

PRO Group vendors will be able to use the secure business-to-business website to allow qualified independent retail members to access a wide range of vendor information including: pricing, catalogs, educational and demonstrational videos, and even order products online with all billing processing via the appropriate PRO Group distributors.

“We are thrilled to be affiliated with the PRO Group and look forward to working with all their distributor members and vendors,” Wabschall said.

PRO Group managing director Shari Kalbach stated: “We are always looking for value-added service providers to offer our distributor members, their retail members and our PRO Group vendors. The Vendor Center represents a powerful tool leveraging today’s technology to effectively connect all stake holders in the supply chain.”

The Vendor Center will be presenting to the group’s distributors and vendors during the 2015 Executive Planning Conference in Palm Desert, California, Nov. 18-20, 2014.

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Investment firm acquires Versatex

BY HBSDEALER Staff

Versatex is under new ownership but the same management.

Highlander Partners, a middle-market private investment firm based in Dallas, acquired Versatex Building Products. Founded in 2003, Versatex is a Pittsburgh-based provider of cellular PVC building products serving both the new construction and renovation-and-remodel markets.

Versatex will continue to operate under its existing operating structure with its current management team, led by president and co-founder John Pace and VP sales Rick Kapres. Both will remain with the company and as owners.

Current chairman and co-founder Jim Wolf will continue with the board of managers and also as an owner in the company. The company’s management team has successfully grown the business every year since inception and has positioned Versatex as a leader and innovator in the PVC building products market.

“I am excited to partner with Highlander Partners to continue to grow Versatex and build upon our company’s success as a leader and innovator in the PVC building materials space and look forward to continuing as a shareholder and board member,” Wolf said. 

Pace, who will continue to lead the business as Versatex’s president and CEO, added, “Highlander is a perfect fit, given their extensive background in building materials, and we are pleased to have a partner that invests their own capital and takes a long-term strategic approach to growing companies.” 

Jeff L. Hull, Highlander’s managing partner and newly appointed chairman, said: “We could not be more thrilled to partner with the Versatex team, who in the company’s 10-year history have established a strong brand and leading market presence. We look forward to supporting their vision as being at the forefront of innovation in the building materials space and continue expanding the company’s presence throughout the United States and abroad as cellular PVC continues to gain adoption and take share in the market.” 

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Patrick Industries acquires PolyDyn3

BY HBSDealer Staff

Elkhart, Indiana based Patrick Industries, Inc., a manufacturer of component products and a distributor of building products, has inked a deal with PolyDyn3, LLC.

PolyDyn3, which is also based in Elkhart, is a custom fabricator of simulated wood and stone products for recreational vehicles. It expects annual revenues of approximately $2.5 million.

"PolyDyn3 and its custom-built simulated wood and stone products lines have numerous interior and exterior applications in the RV market and are a natural fit with Patrick’s existing RV businesses," said Todd Cleveland, president and CEO of Patrick. "The acquisition will afford us the opportunity to bring in-house new production capabilities and product lines that we previously represented through one of our distribution business units, and gain additional penetration in the RV market sector. Additionally, the acquisition of PolyDyn3 supports our strategic initiatives driven towards our goal of continually adding value to our customers in terms of innovation, price, flexibility and product offering."

The PolyDyn3 business will continue to operate on a stand-alone basis under its current brand name.

The total cost of the deal came out to approximately $1.3 million, which was funded by Patrick’s existing credit facility. The company expects the acquisition to be accretive to 2015 net income per share.

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