Stock completes sale of its commercial door and hardware division, SBS Commercial Door & Hardware, to Cook & Boardman of Charlotte, North Carolina
RALEIGH, North Carolina
April 30, 2010
– Stock announced today that it completed the sale of SBS Commercial Door & Hardware, LLC, its commercial door and hardware division, to The Cook & Boardman Group, LLC.
This transaction is part of Stock’s continuing focus on its core residential building materials business. Joe Appelmann, CEO of Stock, stated: “This is an excellent transaction for us. The commercial door unit is a strong business but is not core to our strategy. 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.” Appelmann continued: “We appreciate the employees of this division tremendously. They are a talented team and have found a strong partner in Cook & Boardman.”
Cook & Boardman is headquartered in Charlotte, North Carolina. The following divisions of SBS Commercial Door & Hardware, LLC were included in the sale: 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 Washington D.C, Maryland and Virginia. Stock retained and remains committed to its fully integrated commercial door and hardware operations in New Mexico and California.
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 19 markets including Washington, DC, Paradise, PA, Richmond, VA, Raleigh-Durham, NC, Charlotte, NC, Winston-Salem/Greensboro, NC, Greenville, SC, Columbia, SC, Atlanta, GA, Austin, TX, Amarillo, TX, Houston, TX, Lubbock, TX, San Antonio, TX, Albuquerque, NM, Salt Lake City, UT, Southern Utah, Northeast Idaho, and Los Angeles, CA. 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, The Gores Group, LLC maintains offices in Boulder, CO, and London. For more information, visit www.gores.com