Editor's Product Pick: Viance
– Victoria Markovitz
Pro-Build Gets $1.5 Billion Credit Line, Eyes More Acquisitions
Pro-Build Holdings CEO Paul Hylbert confirmed to ProSales Sept. 4 that the Englewood, Colo., megadealer has completed a new $1.5 billion credit facility, which is about 50% larger than the company's pre-existing credit line. Hylbert said the move will put the dealer in a position to take advantage of more acquisition opportunities in what continues to be a weak market.
"We want to continue to grow, and we think this downturn will give us more opportunities, not less," he said during a telephone interview.
Pro-Build is using only about half of the facility, leaving the remainder for acquisition power. Pro-Build's top executive did not divulge any particular companies that might be slated for a buyout, but said "a number of deals are still in the works and expected to close in the upcoming months." The company already has made seven acquisitions this year.
In August, George Finkenstaedt, formerly the company's vice president of supply chain, was named senior vice president of corporate development, and will oversee mergers and acquisitions at Pro-Build. Bill Myrick, senior vice president of strategic initiatives, added supply chain operations to his corporate responsibilities.
Pro-Build operates more than 500 yards and manufacturing facilities in 40 states. It ranks No. 1 on the ProSales 100 with $6 billion in total sales, 90% of them to pros.
Real Men Wear Pink Ribbons
Use of the ribbons was inspired by Jenkins' mother, who died in January 2006, as well as a member of the yard's founding Thomas family who is a breast cancer survivor. In the two years that Thomas Lumber has given them away, nearly 200 pink-ribbon visors have been handed out.
While some might think contractors and vendors give the hats to their wives, "I've seen guys wearing them" as well, Jenkins says.
The Home Depot completed the sale of HD Supply Aug. 30 to three private equity firms. The final deal to unload its professional services division had The Home Depot cutting the purchase price to $8.5 billion, retaining a 12.5% equity interest in HD Supply worth $325 million, and guaranteeing a $1 billion loan to its former unit. HD Supply's new owner is a consortium of affiliates from Bain Capital Partners, The Carlyle Group and Clayton, Dubilier & Rice. ...Ply Gem Industries announced Sept. 5 it has entered into a definitive agreement to acquire the vinyl window business of CertainTeed Corp. Kearney, Mo.-based Ply Gem makes exterior building products, but entered the window and door market after its acquisition byCaxton-Iseman Capital Inc.
Kuiper Lumber Supply has been open for business a few months now. Owner Jeff Kuiper told ProSales he started the yard because he "just wanted the freedom" after nearly 25 years working at other yards. ...Gerber Lumber & Hardware of Kidron, Ohio, will open a satellite facility in Massillon this fall on leased space once occupied by Brown Lumber, which closed last year. ... Louisiana-Pacific Corp. has shut indefinitely its OSB mill in Silsbee, Texas.
Joe Joyce, president of Novato (Calif.) Builders Supply, died Aug. 8. He was 69. Joyce died of multiple injuries suffered from being struck by a car. Contributions in his memory may be made to Hospice by the Bay, 17 E. Sir Francis Drake Blvd., Larkspur CA 94939, or to a charity of your choice.