Stock Building Supply Holdings, LLC is selling its Universal Supply Company to US LBM Holdings, LLC. Terms of the deal were not disclosed.
Raleigh, N.C.-based Stock, an affiliate of the Gores Group, acquired Universal Supply, based in Hammonton, N.J., in 2006. All associates and all shares of the business will become part of US LBM.
"Universal Supply is a profitable business that fits well into US LBM's portfolio of building products companies," Joe Appelmann, president and CEO of Stock, said in a prepared statement issued this afternoon. "We desired to place Universal with a new partner that will ensure growth and prosperity for our associates and for the Universal business."
According to Appelmann, the sale allows Stock "to have a more targeted focus on our core markets, enabling us to reinvest in these to position ourselves for our own future growth."
Since entering and exiting Chapter 11 Bankruptcy Protection last year, Stock has chosen to focus on just 19 core markets.
US LBM Holdings, LLC, is an entity that was formed in October 2009 by BlackEagle Partners, LLC, Building Industry Partners, LLC, and L.T. Gibson.
Last year, US LBM Holdings acquired Stock Building Supply operations, including 13 locations in Wisconsin, Central New York and Connecticut.
The Gores Group, with headquarters in Los Angeles is a private equity fund with equity capital of $1.7 billion.
