Former ProBuild execs form investment group, acquire steel company
An investment group led by Paul Hylbert, former CEO of ProBuild Holdings, and Boreas Advisors have announced the acquisition and recapitalization of Barton Supply, a Colorado fabricator and distributor of structural and reinforcing steel products and accessories.
Hylbert’s new investment group, as yet unnamed, partnered with Boreas Advisors in 2011 to look for opportunities in the housing and building products industry. It wasn’t difficult for Hylbert and Boreas to find each other after Hylbert left ProBuild three months ago: Boreas consists of former ProBuild executives.
Steve Swinney, former VP finance, planning and analysis at ProBuild, is managing partner of Boreas Advisors. The Denver-based firm’s principals, Kyle Barker, Bryan Cleveringa and Eric Miller, all worked in finance at ProBuild.
Swinney will serve as CEO of the new acquisition, while Cleveringa will serve as CFO. The former owners of Barton Supply, Don and Scott Barton, will stay on as part of the management team, as well as investors.
With locations in Aurora, Colorado Springs and Fort Collins, Barton Supply serves general contractors, foundation and framing subcontractors, and home builders. Over the past five decades, Barton Supply has grown to three locations and added bending, cutting and welding capability to fabricate reinforcing steel products, as well as structural steel beams, posts and columns.
In an interview with Home Channel News, Hylbert talked about the 18-acre facility and rail siding at Barton’s main facility, and the similarities between the distribution of any building materials, be it lumber or steel. Although Hylbert still has three months left on his non-compete contract with ProBuild, “We’re in the rebar fabrication game,” he explained. “These are products that lumberyards don’t sell [so] it’s not really competitive with ProBuild.”