Wolseley sells remaining shares in Stock
The Gores Group, the primary owner of Stock Building Supply, has bought the remaining shares of the LBM company from UK-based Wolseley for an undisclosed sum. A private equity firm based in Boulder, Colo., and London, The Gores Group acquired a controlling interest in Stock on May 5, 2009.
Wolseley was associated with Stock for 27 years and still owns plumbing and HVAC wholesaler Ferguson Enterprises in the United Sates and Canada.
“We have high expectations for Stock, and this transaction solidifies our position in the company,” said Ryan Wald, managing director of The Gores Group. “Stock is well-situated to weather the downturn and is capable of rapid growth as the market recovers. This additional investment will allow us to participate fully in the growth of Stock and the recovery of the housing market.”
Jeff Rea, CEO of Stock, said: “The Gores Group is an exceptional partner and has provided the support and leadership needed to re-position Stock in these turbulent times. This additional investment by Gores is a sign of confidence in our associates and our strategy, and we look forward to working collaboratively with The Gores Group in the future.
“We appreciate our 27-year association with Wolseley and look forward to accelerating our company’s growth and performance with The Gores Group.”
Based in Raleigh, N.C., Stock operates in numerous U.S. markets, including Washington, D.C.; Raleigh-Durham, Charlotte and Winston-Salem/Greensboro, N.C.; Los Angeles; Atlanta; Paradise, Pa.; Richmond, Va.; Greenville and Columbia, S.C.; Albuquerque, N.M.; Salt Lake City and southern Utah; Spokane/northern Idaho; central and northwest Arkansas and Austin, Amarillo, Houston, Lubbock and San Antonio, Texas.