US LBM Holdings revealed details regarding the acquisition of Universal Supply Co., Stock Building Supply's former New Jersey operations, by it, by US LBM's parent, BlackEagle Partners LLC, and by the family that originally owned Universal.
The acquisition is in partnership with Jeff Umosella. The Umosella family owned Universal before selling it to Stock in 2006. Terms of the deal were not disclosed but Umosella will remain as president of the division, US LBM said in a news release issued Saturday.
Hammonton, N.J.-based Universal consists of eight locations providing millwork, roofing, siding and other LBM products to markets in southern and central New Jersey, eastern Pennsylvania, and Delaware.
The latest acquisition--announced by Stock on Jan. 13--gives US LBM a total of 23 locations with more than 700 associates.
Created last October by BlackEagle Partners LLC, the Bloomfield Hills, Mich.-based private equity firm, and Building Industry Partners LLC, US LBM was built through the acquisition of three regional operations from Stock in Wisconsin, Central New York and Connecticut. Through the acquisition of Universal, US LBM and its subsidiaries estimates that it now stands as 12th-largest LBM dealer in the United States. It based that on data published by ProSales and its 2009 ProSales 100.
"Each of US LBM's subsidiaries will benefit through the acquisition of such a strong business model and management team at Universal," L.T. Gibson, president and CEO of US LBM, said in a statement. "The relationships that Jeff has built with his customers, vendors and employees are among the best in our industry."
"The high quality of products and service that our customers have grown accustomed to over the past 45 years will only improve through our partnership with US LBM," Umosella said in the same statement. "With US LBM we have found a partner that respects the local nature of our business and will allow us to operate independently."
Based in Green Bay, Wis., US LBM Holdings operates under the names Wisconsin Building Supply, Bellevue Builders Supply, East Haven Builders Supply, and Universal Supply.
Building Industry Partners, LLC (BIP), with offices in Dallas, New York and Los Angeles, is a private equity investment and transaction advisory firm specializing in the U.S. middle-market building products and construction services industry. The company provides equity capital to management teams and private companies with $25 million to $500 million in sales.
Click here for "New Digs," an article in ProSales' January issue on US LBM and other companies that have acquired former Stock locations.