BMC announced today it will acquire Robert Bowden Inc., the No. 61 company on the ProSales 100, giving it a highly respected $79 million player in the Atlanta market. Terms of the deal for the employee-owned company weren't disclosed.
The announcement helps propel BMC from a company that had nothing but a headquarters in Georgia less than six months ago to its standing today as one of the Peach State's biggest players. In April, BMC acquired VNS Corp., a $134 million operation based in Vidalia, Ga., and in June it announced plans to become the majority partner in a merger with Stock Building Supply, which counts Georgia as one of its five biggest revenue-producing states.
Founded in 1983, Robert Bowden Inc. was one of the first recipients of ProSales' Dealer of the Year award. Since then it has received numerous ProSales Excellence Awards as it built a reputation for custom and production millwork. Some of them were cited in a September 2014 ProSales feature about how Atlanta had arguably become the nation's most competitive housing market.
“Over the past 32 years, Robert Bowden has built a fine reputation for excellence for providing custom and production millwork,” Peter Alexander, BMC’s CEO, said in a statement. “We are very excited about growing both companies through the combined strength of RBI and BMC, and both companies will remain focused on our customers through the combination.”
Robert Bowden president Nick Massengill said the deal "will fit the strategy of BMC and will provide scale for RBI. The transaction presents great opportunities for future growth and prosperity.” The company's 300 employees run branch distribution centers in Marietta, Duluth and McDonough, Ga., as well as a manufacturing operation next to the Kennesaw Mountain National Battlefield in Marietta.
BMC currently stands ninth on the ProSales 100, with sales last year total $1.3 billion. On Aug. 17, an SEC filing submitted by Stock as part of its merger with BMC revealed that BMC recorded a $1.4 million loss from continuing operations in the first half of 2015 and that the company got much of its $94 million operating profit in 2014 from a tax benefit. After adjustments, however, both earnings periods indicate the company is solidly in the black.