Builders FirstSource Inc. (Nasdaq: BLDR), Dallas, Texas, and BMC Stock Holdings Inc., Raleigh, North Carolina, on Monday announced the completion of their all-stock merger.
The close of the merger creates a supplier of building materials and services with combined sales of $11.7 billion and 550 distribution and manufacturing locations in 40 states.
The combined company will operate under the name Builders FirstSource Inc., and its shares will continue to trade on the Nasdaq under the symbol “BLDR.” BMC’s stock has been delisted for trading on the Nasdaq.
“We are extremely excited to move forward as one company that is even better positioned to offer enhanced value for shareholders, customers and team members,” said Chad Crow, CEO of Builders FirstSource. “Uniting our complementary assets and leveraging our combined geographic presence provides us with an expanded base to deliver our best-in-class solutions as the residential recovery continues. Looking ahead, I am confident that Dave Flitman will do an outstanding job leading our combined Company to build upon our proven track record of innovation, financial discipline, and superior execution. I look forward to working closely with our team to ensure a seamless transition as we enter the next chapter of our remarkable growth story.”
Added Flitman, the former CEO of BMC, who will succeed Crow as the CEO of Builders FirstSource: “The completion of this merger represents a transformational milestone for our customers and an exceptional platform to accelerate the growth of our value-added solutions. During the past several months, we have made significant strides in laying the foundation for a successful integration. Our combined leadership team will blend the best of both of these great companies and do an excellent job of leading our approximately 26,000 team members. I am humbled by, and grateful for, the opportunity to lead our new company into this next phase and strongly believe we have the right talent, experience, and strategies in place to create the most exciting growth platform in our industry.”