Stock Building Supply Targets ‘Aggressive Expansion’ in 2010
March 1, 2010
Modern Distribution Management
March 1, 2010--Raleigh, NC-based Stock Building Supply Holdings, LLC, building materials distributor jointly owned by private equity firm The Gores Group and Wolseley plc (NYSE:WOS), announced that former CEO of Building Materials Holding Corp. Robert E. Mellor has joined its board of directors. Mellor left Building Materials Holding Corp. after the distributor exited Ch. 11 bankruptcy protection in late 2009.
According to a press release, Mellor was brought into the company to provide guidance on expanding Stock’s business opportunities and to position the company for future growth. Stock reorganized under Ch. 11 bankruptcy protection last year. (Read more: Stock - A Casualty of the Housing Crisis.)
“We are very excited about the potential to grow Stock and have been seeing a lot of growth and acquisition opportunities in the marketplace. Adding Rob Mellor to our Board of Directors will help us capitalize on some of those opportunities,” said Tim Meyer, chairman of the Stock board of directors and a managing director of The Gores Group.
Stock focused its second half of 2009 on restructuring and removing more than $200 million in cost, according to Gores, and plans to pursue "aggressive expansion" in 2010. "With our lean cost structure and liquidity position, we are well positioned to take advantage of acquisition opportunities and improving conditions in the housing market. Our focus this year is to strengthen and extend our market footprint,” said Joe Appelmann, Stock’s president and CEO.
Mellor also serves on the board of directors of The Ryland Group, Inc., one of the nation's largest homebuilders.
Stock Building Supply operates in 19 markets including Washington, DC; Raleigh-Durham, Charlotte and Winston-Salem/Greensboro, NC; Los Angeles, CA; Atlanta, GA; Paradise, PA; Richmond, VA; Greenville and Columbia, SC; Albuquerque, NM; Salt Lake City and Southern UT; Spokane/Northern Idaho; and Austin, Amarillo, Houston, Lubbock and San Antonio, TX. For more information visit: http://www.stockbuildingsupply.com.