Wolseley sells remaining shares in Stock
The Gores Group, the primary owner of Stock Building Supply, has bought the remaining shares of the LBM company from UK-based Wolseley for an undisclosed sum. A private equity firm based in Boulder, Colo., and London, The Gores Group acquired a controlling interest in Stock on May 5, 2009.
Wolseley was associated with Stock for 27 years and still owns plumbing and HVAC wholesaler Ferguson Enterprises in the United Sates and Canada.
“We have high expectations for Stock, and this transaction solidifies our position in the company,” said Ryan Wald, managing director of The Gores Group. “Stock is well-situated to weather the downturn and is capable of rapid growth as the market recovers. This additional investment will allow us to participate fully in the growth of Stock and the recovery of the housing market.”
Jeff Rea, CEO of Stock, said: “The Gores Group is an exceptional partner and has provided the support and leadership needed to re-position Stock in these turbulent times. This additional investment by Gores is a sign of confidence in our associates and our strategy, and we look forward to working collaboratively with The Gores Group in the future.
“We appreciate our 27-year association with Wolseley and look forward to accelerating our company’s growth and performance with The Gores Group.”
Based in Raleigh, N.C., Stock operates in numerous U.S. markets, including Washington, D.C.; Raleigh-Durham, Charlotte and Winston-Salem/Greensboro, N.C.; Los Angeles; Atlanta; Paradise, Pa.; Richmond, Va.; Greenville and Columbia, S.C.; Albuquerque, N.M.; Salt Lake City and southern Utah; Spokane/northern Idaho; central and northwest Arkansas and Austin, Amarillo, Houston, Lubbock and San Antonio, Texas.
Fiberon introduces new colors for Pro-Tect
Demand in the wood-alternative decking market is driven by aesthetics, according to Fiberon marketing director Edie Kello.
Fiberon, the manufacturer of PVC and composite decking and railing products, is introducing an expanded color palette for the new Pro-Tect capped composite decking line. The new Pro-Tect Chestnut and Gray Birch colors add exotic aesthetics to low- maintenance outdoor living products.
The strong, rigid core of Pro-Tect Decking is encased on three sides in a patent-pending, non-organic surface material that is extremely resistant to staining, fading, scratches and mold, according to the company.
The new product carries an "entry level price point," the company said. It also carries a 20-year warranty for performance, stain and fade.
October housing starts slip to a 628,000 rate
Close followers of the Commerce Department’s monthly residential construction data have been wondering all month if September’s strong showing in housing starts could sustain itself.
The answer was delivered this morning by the latest data, sort of. Housing starts officially slipped 0.3% to a seasonally adjusted annual rate of 628,000.
There were several mixed signals jumping out of the data. First of all, last month’s housing starts weren’t as strong as originally reported. The September rate was revised downward from 658,000 to 630,000. The October figure was down 0.3% from the downwardly revised rate.
Here’s the good news. This month’s starts are up double digits — 16.5% — from the same month last year. Also strong is this month’s building permits figure of 653,000, up 10.9% from the September rate and up 17.7% above the October 2010 estimate.
Single-family housing starts in October were at a rate of 430,000; this is 3.9% above the revised September figure of 414,000.
On a regional basis, the South showed the broadest strength, growing in total starts and single-family starts for both the month and the year. Going the other direction, single-family starts in the Northeast declined 22.8% on a year-to-year basis.