The ProSales 100 is as much a collection of individual stories as it is a tale of an entire industry. Here’s a look at one of six members of the club who all merit special attention, and all for vastly different reasons.
ProBuild’s sales drop in 2011 was the fourth worst in the PS100.
ProBuild was busy in 2011, but not the kind of busy that leads to sales growth, as the company revealed a 6% drop in gross sales from 2010 to 2011. The $3.30 billion in gross sales and $2.84 billion in professional sales was more than enough to keep the company in the No. 2 spot, however. The decline is an about-face from the 10% increase in sales the Denver-based national supplier recorded between 2009 and 2010.
Last June, the company announced a reorganization in which it eliminated its six regional offices in favor of three groups focusing on particular markets—metropolitan, smaller local, and specialty. It was the second time in two years that ProBuild had restructured.
A few weeks later, CEO Bill Myrick left after less than a year in the top spot. Soon after, operations president Jim Cavanaugh departed.
Then on Jan. 9 of this year, ProBuild named Robert Marchbank, the former head of Wolseley’s European operations, as the new CEO. In March, Marchbank announced further changes and yet another realignment of the company’s leadership and support staff. Under the latest restructuring, all senior vice presidents report directly to him and are part of the company’s executive leadership team.
In early April, the company secured a $505 million revolving credit facility with Wells Fargo Capital Finance. The company was tight-lipped about the announcement, which was made by the law firm that helped to complete the deal.
The company closed at least 15 facilities during the year, including 12 in November, but it also made news by opening up two locations in West Virginia and Pennsylvania, right in 84 Lumber’s backyard.
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