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Stock Building Supply, Raleigh, NC, has purchased Kempsville Building Materials Inc., Virginia Beach, VA, a supplier of lumber, stairs, trusses and other materials to home builders. Kempsville Building Materials had sales of more than $70 million in 2004, but sales have been declining since, the Virginian-Pilot reported.
Kempsville's general manager told the newspaper that the transaction allowed the 163 employee-owners of the company to secure their retirements.
Kempsville's employees decided to sell the business, he said, because the business was having a hard time competing with the enormous buying power of national companies such as The Contractor Yard, 84 Lumber and Stock.
Kempsville's product mix includes lumber, millwork, doors and windows, and manufacturing components such as trusses, wall panels and engineered wood. The acquisition adds approximately 180 associates to Stock.
Stock Building is a unit of Wolseley plc, the London-based global distributor of HVAC, plumbing and construction supplies. The distributor had sales of $5.3 billion in 2006 and has 319 operations in 33 states.
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