Central Valley acquiring Foster Lumber
Foster Lumber operates 2 locations in Vallejo and Fairfield, Calif.
Central Valley, the Napa, Calif.-based pro dealer, is acquiring Solano County-based Foster Lumber Yard.
Foster operates two locations in Vallejo and Fairfield, Calif. while serving contractors and builders in Solano and Napa counties. The transaction is expected to close by Nov. 30. Terms of the deal were not disclosed.
The move expands the reach of Central Valley, which already operated 6 full-service yards throughout Northern California with sales approaching $140 million.
In a statement, Central Valley said that it will bring new investment and operational depth to Foster Lumber to further enhance both companies’ competitiveness with its current list of prominent regional builders. Foster Lumber will continue to operate as a separate, wholly-owned subsidiary with the current management in place.
“We’re bringing two forces together with similar cultures and many of the same builder clients,” said Steve Patterson, CEO of Central Valley. “For Foster Lumber, Central Valley brings new investment to grow the business and operational opportunities, like purchasing and distribution, to enhance Foster’s dedicated service to its customers. For Central Valley, we are able to expand our product offering and our presence in the greater San Francisco Bay Area.”
Founded in 1955, Central Valley maintains more over 41 acres of inventory and 55 delivery vehicles. The company also offers custom milling, prefabricated walls, and has a dedicated design department for custom plan take-offs. The acquisition of Foster Lumber expands Central Valley to 9 locations.
“As I get ready to retire, this opportunity will make us better together and make sure the legacy of Foster Lumber is in good hands moving forward,” said David Jones, second-generation owner and president of Foster Lumber. “Both companies have strong relationships with custom homebuilders and professional remodelers. This is an excellent combination of service capabilities.”
“With continued demand for new construction, and a robust remodel market in the Bay Area, time is money for our customers. Together we have an opportunity to bring additional products, services, convenience, and expertise to our customers,” said Patterson. “We welcome Foster Lumber Yard to the Central Valley family.”
Founded by Gilbert Foster in 1920, Foster Lumber it has been in Jones family since 1946
Central Valley said it donates 2% of net profits from every purchase to help build affordable housing.
Now this: America needs painters
Paint giant Sherwin-Williams takes steps to recruit pros to the industry.
There’s a shortage of qualified professional painters in the United States, and Sherwin-Williams says it is doing something about it. The company launched an initiative designed to make it easier to find qualified painters and to increase the number of people who enter the painting profession.
Part of the plan is the launch of the recruiting web site: AmericaNeedsPainters.com.
“The concern we’ve been hearing from many of our partners is real,” said Jeff Winter, vice president of marketing at Sherwin-Williams. “The data shows that fewer people are choosing to become professional painters, and the problem is likely to get worse unless we act now. This is just one way we will continue to work with our professional painting partners to ensure they can grow their businesses profitably.”
The initiative will focus on three major areas: Career advocacy, education for new painters, and recruitment resources.
• Career Advocacy – Greater demand for professional painters coupled with an aging labor force has created an urgent need for new painters. Sherwin-Williams new “Paint Your Path” program will educate job-seekers on the painting industry and highlight the benefits of a painting career, including the ability to create a desired lifestyle, pride in craftsmanship and opportunities for wage growth.
“Fewer people are aware of the many benefits of choosing painting as a career,” Winter said. “Specifically, many young people don’t realize the flexibility, earning power and sense of accomplishment that comes with a painting job well done. Our mission is to be better advocates for this important trade.”
• Painter Training – As part of Paint Your Path, Sherwin-Williams is developing a wide array of online courses to help new painters strengthen their professional painting skills. The online learning portal keeps track of completed courses and provides resources to reinforce the skills learned.
“We envision these courses as helping to build a strong foundation so that painters are ready for their first job,” Winter said.
• Recruitment – Sherwin-Williams will also be providing employers with materials and instruction along with a human resources toolkit to help make recruiting efforts more successful and less stressful.
“By attacking the problem on these three fronts, Sherwin-Williams hopes to be a part of the solution and help our partners continue providing excellent painting services to customers while strengthening their businesses,” said Winter.
Sherwin-Williams’ move comes at a time of deep concern for recruitment across the LBM industry. For years, lumberyard operators and other voices have pointed to the need and shortage of professionals in a wide variety of trades. In a recent poll, readers of HBSDealer identified “recruiting and retention” as the leading challenge facing their respective companies.
HBSDealer Stock Watch: Tuesday’s Ticker
|Hardware and building supply stocks won back some of their recent losses with strong performances on Tuesday. Leading the charge was EXP, up 10.5%. MAS gained 7.5%.|
|BLDR (Builders FS)||12.57||+6.08%|
|BMCH (BMC Stock)||16.72||+3.59%|
|CENT (Central Garden)||32.50||+3.67%|
|DE (Deere & Co.)||132.76||+1.69%|
|HD (Home Depot)||176.24||+1.76%|
|LL (Lumber Liquidators)||11.54||-6.41%|
|SMG (Scotts Miracle-Gro)||67.89||+2.68%|
|TSCO (Tractor Supply)||93.40||-0.60%|
|UFPI (Universal Forest)||28.03||+2.90%|