Stock Building Supply Completes Acquisition of Bison Building Holdings
July 1, 2010
The combination of Stock and Bison creates the largest building materials distributor in Houston and sharpens Stock’s focus on the residential construction market.
RALEIGH, NC, July 1, 2010 - Stock Building Supply Holdings, LLC (Stock), an affiliate of The Gores Group, announced today that it has completed its purchase of the assets of Bison Building Holdings, Inc. (Bison) and its subsidiaries pursuant to Section 363 of Chapter 11 of the U.S. Bankruptcy Code. The combination of Stock and Bison creates the largest building materials distributor in Houston and is Stock’s second successful acquisition this year.
The Bison acquisition is part of Stock’s growth strategy within the residential construction market. In addition to today’s acquisition of Bison, Stock recently completed the acquisition of National Home Centers, Inc. in Arkansas in April 2010. “We will continue exploring intelligent growth options both in our core markets and elsewhere if opportunities arise. This acquisition is an excellent strategic transaction for Stock and allows us to continue to transform our operating model to specifically focus on the residential construction market,” commented Joe Appelmann, Chief Executive Officer of Stock. “The combination of Stock and Bison further strengthens our residential business in Texas. It also leverages each company’s strengths and will ultimately provide an enhanced experience for our customers.” Bison is a leading supplier of building materials in the Houston area, one of the fastest growing metropolitan markets in the United States. Over the past four decades, Bison has grown into Houston’s single largest independent supplier of lumber, full-service millwork and other construction products.
Stock has been a leading building materials and solutions company for professional builders and contractors in the United States for more than 100 years. Headquartered in Raleigh, North Carolina, Stock currently operates in 20 key residential markets across the country. “With its acquisition by Stock, Bison is joining a financially strong company that will better support the growth of our customers in the Houston market,” stated Pat Bierschwale, Bison’s Chief Executive Officer. “This is a very favorable outcome for Bison, and we are looking forward to working with our new colleagues.”
The combined business will trade in the Houston market as Bison Building Materials, a Stock Building Supply Company. Tom Tolleson, Chief Operating Officer for Bison, will lead the combined Houston operations. Tolleson has been with Bison for 10 years in various leadership functions including operations and sales. “I look forward to leading the Houston operations and the exceptional team we have in place,” commented Mr. Tolleson. “Our combined operations are positioned for solid growth in the near term. I’m very excited about this transaction and the opportunities it will provide for our employees and customers.”
About Stock Building Supply
Stock Building Supply has been a leading building materials and solutions company for professional builders and contractors in the United States for more than 100 years. We have concentrated our experience in the residential sector, specifically serving builders of new construction single- and multi-family homes, as well as the repair/remodel market. Headquartered in Raleigh NC, Stock Building Supply currently operates in 20 key residential 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, Northern ID/Eastern WA, Central and Northwest Arkansas and Los Angeles. For more information, please visit www.stockbuildingsupply.com.
About Bison Building Materials
Bison Building Materials, Ltd., based in Houston, Texas, began modestly in 1962 as Roy W. Bierschwale's small retail store and lumber shed. Over the past four decades, Bison has grown into Houston’s single largest independent supplier of lumber, full service millwork and other added value products. Our innovation and vision enable us to remain the preeminent resource within the residential construction field, and the model that every competitor strives to emulate.
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 $2.9 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.
For Stock Building Supply
Director of Corporate Communications
For The Gores Group, LLC
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