Cornerstone moves into Arizona
Cornerstone Building Alliance, a newly formed holding company co-founded by former Stock Building Supply executives, has added ALC Holding (ALC), Arizona’s largest building materials distributor, to its portfolio. The investment includes Alliance Lumber, Alliance Truss, Arizona Structural Laminators (ASL), Core Materials Distribution and ALC Transportation.
Cornerstone’s leadership team includes president and CEO Steve Short, who served as Stock’s chief operating officer, and Fenton Hord, Stock’s longtime president and CEO. In a prepared statement, Short described ALC, which is based in Phoenix, as Cornerstone’s new “platform” in Arizona.
“Alliance is the leading distributor in a top five housing market,” Short said. “Phoenix and Arizona, which clearly suffered significant downturns, have done a remarkable job of working through their distressed housing problems and are now well positioned to rebound. Our investment positions the business to strategically capitalize on the market recovery both organically and acquisitively. Alliance is a strong, healthy company with a deep and seasoned team. We look forward to a long, mutually beneficial partnership.”
True Carr, president and CEO of ALC Holding, said in a prepared statement: “The combination of Cornerstone and Alliance creates a partnership that is well positioned to capitalize on the future growth of our market. Cornerstone’s significant cash investment in Alliance, along with the additional resources and support this partnership provides, will benefit our customers, employees and shareholders.”