Gypsum Management and Supply, the largest independent distributor of wallboard in the  U.S., sold a majority equity stake to AEA Investors. Though still pending, the deal is expected to close in the first quarter of 2014.

The deal comes amid signs of a growing housing market, with other gypsum wallboard companies like L&W Supply posting recent positive gains.

"Founders Dick Mueller and Dick Whitcomb, as well as President Mike Callahan, have done a remarkable job growing the company into a premiere building products distributor of national scale,” said Mike Hogan, managing director and head of the building products and materials group at Harris Williams & Co, the company that brokered the deal.