More expansion on the way for Cameron Ashley
Distributor enters into new revolving credit facility.
Cameron Ashley Building Products has entered into a $100 million asset-backed revolving credit facility.
The Revolving ABL Facility, which was provided by Wells Fargo Bank, includes an incremental accordion feature of up to $50 million.
The refinancing follows Cameron Ashley’s recent announcement of the acquisition of Warrior Building Products, a St. Louis, Mo.-based distributor.
Formerly known as Guardian Building Products, Cameron Ashley is a leading two-step distributor of exterior building products. In recent months the Greer, S.C.-based company has been busy with a series of distribution center openings.
Additional openings are now planned for Phoenix, Ariz. and Las Vegas, Nev. this month along with a new central Pennsylvania distribution center scheduled to open in June. Cameron Ashley also said it plans to upgrade its existing facilities in Houston, Texas.
“We are pleased with the results of this refinancing, and our partnership with Wells Fargo further improves our flexibility to pursue acquisitions while providing additional liquidity,” said Donny DeMarie, president and CEO of Cameron Ashley. “I applaud the entire Cameron Ashley and Pacific Avenue Capital Partners team for their hard work in securing a successful outcome.”
Cameron Ashley is a portfolio company of Pacific Avenue Capital Partners, LLC, a Los Angeles-based private investment firm.
Under Pacific Avenue’s ownership, Cameron Ashley has grown its network to more than 5,000 pro dealers across over 30 distribution centers with a total storage footprint of over 4.2 million square feet. The warehouse footprint is supported by a fleet of over 125 tractors and 200 trailers that make in excess of 240,000 deliveries every year.
“We are excited to partner with Wells Fargo as we continue to scale the business,” said Chris Sznewajs, founder and managing partner of Pacific Avenue. “The expanded credit line provides even greater flexibility as we pursue our growth plans through acquisition and greenfield opportunities. We continue to focus Cameron Ashley in our core building product offerings: roofing, insulation, gypsum, decking and siding.”
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