Wells Fargo to builders: The door is open
Wells Fargo is opening a new division that will focus on lending to regional and mid-sized builders, according to an Aug. 15 article in the Wall Street Journal. The loans are expected to finance small projects ($10 to $15 million) up to large corporate loans that can surpass hundreds of millions of dollars.
Bird Anderson, a Charlotte N.C.-based executive VP who will head the new division, told the WSJ: “In essentially every market we looked at this spring, we saw very real very tangible pockets of demand.”
Anchor Peabody adds two former building products execs
Anchor Peabody, a private investment and financial advisory firm specializing in the U.S. building products and construction industry, has added Harold Stanton and Paul Haefcke to its advisory board.
Stanton is the former CEO of Pope & Talbot. His 40-year career in the wood products industry includes various executive leadership positions with Louisiana Pacific, International Paper and APA – The Engineered Wood Association.
“There are a lot of owners and operators of great businesses in our industry who want or need capital, or who need an adviser from a group who understands their business. Anchor Peabody clearly ‘gets it’, and I’m excited about the prospect of bringing our collective expertise to an industry full of good people.”
Haefcke, another 40-year industry veteran, began his career as a an entry-level employee at Allied Building Products in 1972, He has worked as CEO at Hammerhead Distribution, a private equity-backed holding company created to acquire and consolidate North American distributors of roofing, siding, windows, doors and other building materials for residential and commercial construction. He also held the CEO position at Shelter Distribution, a consolidator of building material distributors . At ABC Supply, Haefcke served as executive VP and head of purchasing.
“With all the consolidation happening in the distribution space, particularly in roofing and siding, it makes sense to surround yourself with a group of advisers who have actual experience in your business — both as an owner and an acquirer — as you contemplate who to partner with, or whether or not to sell,” Haefcke said.
Based in New York, Anchor Peabody offers equity capital, mergers and acquisitions advisory and debt advisory services. Adding Stanton and Haefcke to the firm’s advisory board will help “build Anchor Peabody’s name in the wood products manufacturing and specialty distribution spaces,” said company founder Jason Fraler.
James Hardie joins NLBMDA’s MSC
James Hardie Building Products joined the association’s Manufacturers and Services Council (MSC) of the National Lumber and Building Material Dealers Association (NLBMDA). The council is composed of the leading building material manufacturers and service providers serving the LBM industry.
NLBMDA’s MSC members are established industry leaders who supply products and services to lumber and building material dealers and regional chains across the nation. The council helps enhance the success of independent dealers and regional chains.
"The entire James Hardie team is looking forward to working together with the NLBMDA and individual member companies in the months and years ahead to successfully capture the significant mutual growth opportunities ahead of us," said Robb Rugg, VP strategic accounts for James Hardie.