Cook & Boardman in effect bought one company, SBS Commercial Door &Hardware LLC, that has four units: SBS/Martin Architectural Products in North Carolina, SBS/Hollow Metal Specialists in Florida, SBS/Architectural Building Supply in Utah and Idaho and Precision Door & Hardware in the Washington, D.C., market. Those four companies operate a total of 13 facilities, a Stock official said.
"The commercial door unit is a strong business but is not core to our strategy," Stock CEO Joe Appelmann said in a news release. "The sale allows Stock to intensify its focus on the residential sector. As market conditions improve, we remain committed to re-deploying our resources to our residential business and this transaction furthers that goal. Stock will continue to expand this year organically and, where smart opportunities arise, through acquisitions."
While Raleigh, N.C.-based Stock said the deal with Charlotte, N.C.-based Cook & Boardman reflects its intensified focus on residential business, Stock also pointed out that it "retained and remains committed to its fully integrated commercial door and hardware operations in New Mexico and California."
Today's deal is the latest in a string of changes Stock has undergone since last spring, when its former parent, Britain's Wolseley Plc, sold 51% control of the company to The Gores Group of Los Angeles. Stock then filed for protection from creditors under Chapter 11 of the federal bankruptcy law and proceeded to shed scores of facilities and exit numerous markets.
Stock emerged from Chapter 11 last July 1 with a focus on 19 markets. It picked up a 20th earlier this month when it acquired National Home Centers of Arkansas, which itself went into Chapter 11 late last year.