West Coast construction firm goes up for auction
FTR International, a Southern California-based general contractor whose projects included public works, highways, schools, universities, stadiums and police stations, will be sold off in pieces on Sept. 13 when its physical assets are auctioned by Tiger Remarketing Services.
More than 1,000 lots of supplies and equipment from FTR’s main warehouse in Santa Ana as well as an annex yard are now being previewed. They include construction equipment, such as loaders, fork and scissor lifts, compaction equipment, air compressors and generators. A number of assorted power and pneumatic tools are also being offered.
Tiger Remarketing Services is conducting the auction on behalf of secured creditor East West Bank. Available rolling stock includes a fully loaded 2007 GMC Sierra 3500 4×4 pickup and a 14-ft., dual-axle Hallmark enclosed trailer.
Thousands of electrical supply items, such as boxes, couplers, receptacles and connectors, are on the auction block, along with hundreds of spools of wire, fluorescent light fixtures, power and extension cords, and portable power boxes. Other available items include extension and A-frame ladders, rakes, shovels, hammers, wheelbarrows, various plumbing supplies, pallet racking, adjustable shelving, job boxes, pallet jacks, warehouse fans, dollies, portable heaters and more.
Lastly, the office furniture and equipment includes desks, file cabinets, conference tables, chairs, bookshelves, network servers and racks, computers, printers, scanners, copiers, refrigerators and phone systems.
“Bidders will find items that would appeal to construction companies and general contractors, as well as plumbing/HVAC contractors, paving and road construction companies, electrical contractors, distributors, independent DIY retailers, and businesses setting up warehouses or offices," said Jeff Tanenbaum, president of Tiger Remarketing Services.
Bidding is now under way and will close in rapid succession, live-auction style, on Sept. 13 at 10:30 a.m.
Losses narrow, sales gain at HD Supply
HD Supply reported net sales for its second fiscal quarter of $2.06 billion, an increase of 10.1% over sales of $1.87 billion in the same quarter of 2011. Net loss for the quarter, which ended July 29, 2012, was $56 million, compared with $101 million a year ago.
Highlights of the quarter include the June 2012 acquisition of Peachtree Business Products, a Marietta, Ga., company that provides customizable business and property marketing supplies to residential and commercial property managers, medical facilities, schools and universities, churches and funeral homes. Peachtree is being operated as part of HD Supply’s Facilities Maintenance business.
According to the company, net sales and adjusted EBITDA grew in all four of the company’s core businesses: Facilities Maintenance, Waterworks, Power Solutions (formerly Utilities/Electrical) and White Cap. Loss from continuing operations for the second quarter of fiscal 2012 was $56 million, an improvement of $45 million as compared with the second quarter of fiscal 2011.
“Over the last two years, we’ve experienced substantive net sales and adjusted EBITDA growth, and that trend has continued into the first half of fiscal 2012,” said Joe DeAngelo, CEO of HD Supply. “We’re excited with the recent purchase of Peachtree Business Products, a niche, bolt-on acquisition that brings even further scale and product depth for our Facilities Maintenance business. As we seek to grow our business in both organic and inorganic ways, our focus remains relentless on deepening our customers’ experience and relationships.”
American Builders Supply adds two veteran execs
American Builders Supply (ABS), one of the largest independent suppliers of doors, windows and trusses to home builders in Florida, has added two industry executives from ProBuild, 84 Lumber and HD Supply to its ranks. Both will report to CEO Bill Myrick at ABS’s Sanford, Fla., headquarters.
Mark Garboski, 42, previously served as VP shared services at ProBuild Holdings. Before that, he spent 15 years in a variety of positions at 84 Lumber, most recently as executive VP and earlier as VP purchasing, pricing and category management; VP president and general manager, manufacturing; and regional manager.
The company also appointed Shaun Heelan as chief financial officer. Heelan, 53, comes to ABS from IDEX Optics and Photonics, where he was VP finance. Prior to that, he spent three years at HD Supply, first as CFO of the electrical division and later as CFO of the firm’s White Cap Construction Supply division. Earlier, he had a 20-year career at General Electric, most recently as director of finance, global supply chain in the company’s consumer and Industrial division. He began his career as an audit manager for the U.S. Department of Labor and the U.S. Department of Defense.
ABS, a portfolio company of Blue Wolf Capital Partners, serves customers throughout north and central Florida from its Orlando-area base in Sanford and four additional manufacturing and distribution facilities located in Winter Haven, Melbourne, Clermont and Jacksonville. Through its Melbourne and Sanford facilities, ABS also offers custom doors and molding products for specialty home builders and retail customers.
In a press release, CEO Myrick said: “We are pleased to gain executives of such high caliber with proven skills in finance, profitability management, operations and supply chain control. Their guidance will add efficiencies that better position us to grow in our core markets and expand into new ones."
Michael Ranson, partner at Blue Wolf, added, "ABS is rapidly growing into a major regional supplier of building products, and we are confident that this management team will provide professional and effective leadership to take advantage of opportunities arising out of Florida’s rebounding housing market. Under Blue Wolf’s ownership, ABS has consolidated four leading independent competitors in the last 15 months, including Clermont Builders Supply in February of this year.”