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The owner of building materials distributor US LBM Holdings LLC, Green Bay, WI, has agreed to sell a majority of the equity interests in the company to affiliates of another private equity firm, Kelso & Co. Terms were not disclosed, though an April report from Reuters said the sale could fetch $1 billion at auction.
The seller, BlackEagle Partners LLC, along with some US LBM executives will maintain an investment stake in the company.
“Our partnership with BlackEagle has led to the creation of a leader in building products distribution,” said L.T. Gibson, CEO of US LBM. “We are excited about Kelso’s investment in the business and the new partnership between Kelso, BlackEagle and management. We look forward to working with our shareholders to continue to build and grow the company.”
Sandy Osborne, managing director at Kelso, said, “We are pleased to be partnering with BlackEagle, L.T. and the impressive team at US LBM, both at the corporate level and at the individual business units. We are excited to support the company as it continues its growth.”
And Michael Madden, managing partner of BlackEagle, said, “We have worked alongside L.T. and his team for six years to build a world class company, and we look forward to continuing the company’s upward trajectory in partnership with Kelso.”