Washington roofing distributor sold
Intermountain Supply, a roofing distributor with branches in Seattle and Spokane, Wash., has been acquired by Roofing Supply Group, one of the largest wholesale distributors of roofing supplies and related materials in the United States. The purchase price was not disclosed.
Founded in 1995, Intermountain Supply is a portfolio company of The Sterling Group, a private equity investment firm.
Mike Farrell, president and CEO of Roofing Supply Group, said in a prepared statement: "We had identified Washington as an attractive market for RSG’s entry in 2011, and we are thrilled to partner with the IMS team to extend our footprint into this new geographic region."
Headquartered in Dallas, Roofing Supply Group operates 58 branches in 23 states. It provides one-step distribution services from roofing product manufacturers to roofing contractors and home builders. Each branch carries a complete line of roofing products for residential and commercial roofing, including composition asphalt shingles, underlayment and associated ancillary products.
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WOLF kicks off 2012 with corporate restructuring
York, Pa.-based building products company WOLF renamed and reorganized several divisions amid a slew of new appointments.
The restructuring will result in a reduction in the number of business units from 13 to seven for the company that said it is continuing its transition from a traditional distributor to "an innovative new supply-chain model."
Tom Wolf, WOLF chairman and CEO said: “This reorganization enables us to distribute decision-making authority more broadly throughout the company. The new structure also provides clearer lines of accountability.”
There were no job cuts as a result of the restructuring.
Under The Wolf Organization umbrella, WOLF Building Products will become WOLF Home Products. This division will source and sell American-made, WOLF-branded products through WOLF and other channels located in the United States and beyond.
In addition to his role as president of The Wolf Organization, Craig Danielson will serve as president of the new WOLF Home Products division. Brad Kostelich will assume the position of president of WOLF, formerly called Wolf Distributing Co. Mike Sessinger will serve as executive VP sales. Rick Post, Bob Lett, Joe Facini and Mark Simmers will serve as regional VPs in WOLF’s Northeast, Mid-Atlantic Building Products, Mid-Atlantic Kitchen and Bath and Southeast business units, respectively.
The restructuring will also create two shared services divisions: WOLF Support Services, which will be led by Patty Cobaugh, who will assume the title of executive VP, and the WOLF Corporate Division, which will be led by executive VP and chief financial officer Michael Newsome.
WOLF develops products and programs that enable 3,000 pro dealers across 18 East Coast states.
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NAR revises its home sales figures
After analyzing several years of data, the National Association of Realtors (NAR) has announced that it overestimated the number of existing homes sold between 2007 and 2010 by 14.3%. This means that 2.9 million fewer homes were sold in the United States during that time period than previously thought.
The NAR said the benchmarking study, typically done every 10 years, was undertaken after real estate groups began questioning some of the trade organization’s monthly home sales reports. A series of errors led to over-counting home sales, including relying on data from the Multiple Listing Service (MLS) and outdated 2000 U.S. Census numbers.
NAR chief economist Lawrence Yun said the downward shift in the numbers indicates that the housing market took a deeper dive than initially estimated.
But the new report, completed with the help of the government, economists and real estate groups, contained some good news. According to the NAR, the inventory of unsold homes is lower than initially thought, which can increase demand among buyers. For November of 2011, 2.58 million single-family homes and condos were for sale, down 18.1% from a year ago.