Home » Pro-Build Holdings to Buy Hope Lumber and Supply Co.
Pro-Build Holdings to Buy Hope Lumber and Supply Co.
June 19, 2006
Pro-Build Holdings Inc., Boston, MA, professional building materials supplier, has agreed to purchase Hope Lumber and Supply Company, a supplier of lumber, trusses, engineered wood products, millwork and other building materials to professional residential contractors from Rooney Holdings, Inc. Based in Tulsa, OK, Hope Lumber operates 49 yards and five truss plants in nine states in the Southeastern and South Central U.S.
The transaction is scheduled to close in July 2006.
Pro-Build Holdings is a wholly-owned subsidiary of Fidelity Capital, the business development arm of the mutual fund company, Fidelity investments. Pro-Build Holdings currently operates more than 400 lumber and building product distribution, manufacturing and assembly centers throughout the U.S., operating under several regional brands, including United Building Centers, Spenard Builders Supply, Lumbermens, Home Lumber Company, Dixieline Lumber Company, Parker Lumber Company, F. E. Wheaton & Company, Strober Building Supply, U.S. Components, and the Contractor Yard.
Pro-Build's portfolio has experienced significant growth in 2006. The Hope deal follows closely on the heels of Pro-Build's February 2006 acquisition of the Lanoga Corp., the nation's third largest professional building materials supplier. More recent acquisitions include Wolohan Lumber, and Delta Truss of Michigan and Campbell and Curtis in Alaska. Following the acquisition of Hope Lumber, Pro-Build's resources will comprise nearly 500 locations in 40 states with more than 16,000 employees and projected 2006 revenues in excess of $6 billion.
'The building industry continues to be an attractive market for us,' states Paul L. Mucci, president of Fidelity Capital. 'Moving forward, we will continue to pursue additional growth opportunities that will diversify our holdings in this area, not only in terms of geography, but also with respect to additional products and services.'
Following the completion of the sale, the existing Hope corporate management team will remain with the company.