Stock Building Supply agrees to purchase Bison Building Materials of Houston, Texas
RALEIGH, North Carolina
May 10, 2010
– Stock Building Supply Holdings, LLC (Stock), an affiliate of The Gores Group, announced today that it entered into an agreement to purchase the assets of Bison Building Holdings, Inc. and its subsidiaries. Bison is a leading supplier of building materials in Texas focused on the greater Houston area. Under the agreement, Stock will purchase substantially all of the assets of Bison pursuant to Section 363 of Chapter 11 of the U.S. Bankruptcy Code.
The transaction is Stock’s second acquisition this quarter and furthers bolsters the company’s core residential business. Joe Appelmann, CEO of Stock, stated: “The combination of Bison and Stock creates a clear market leader in Houston with the breadth of capabilities and combined talent to deliver a compelling value proposition to our customers.” ”
Tom Tolleson, Chief Operating Officer of Bison, stated: “This is an exciting opportunity for Bison, our customers and employees. Stock’s national reach, financial stability and strong customer relationships make it an ideal partner for Bison. We look forward to working with Stock’s management team to ensure a smooth and rapid transition.”
Bison filed a voluntary petition for federal bankruptcy reorganization on June 28, 2009. Stock intends to complete the transaction on or shortly after June 29, 2010.
About Stock Building Supply
Raleigh, NC-based Stock Building Supply is a leading supplier of building materials to professional home builders and contractors in the United States. Stock operates out of 20 markets including Washington DC, Paradise PA, Richmond VA, Raleigh-Durham, Charlotte, Winston-Salem/Greensboro NC, Greenville SC, Columbia SC, Atlanta, Austin, Amarillo, Houston, Lubbock, San Antonio, Albuquerque, Salt Lake City, Southern UT, Northeast ID, Central and Northwest Arkansas and Los Angeles. For more information visit: www.stockbuildingsupply.com.
About The Gores Group, LLC
Founded in 1987, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $2.7 billion. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London. For more information, please visit www.gores.com