Raleigh, N.C. — A federal bankruptcy judge has approved Stock Building Supply’s bid for a bankrupt building materials company in Arkansas.
The judge approved Stock’s buy of National Home Centers on Friday, and Stock wrapped up the acquisition on Monday, the company said in a statement. The deal was first announced in February.
Stock described the acquisition as being part of its strategy to position itself to capitalize on a rebound in the housing market.
“We are pleased to complete this transaction and look forward to working with our new colleagues in central and northwest Arkansas,” said Joe Appelmann, Stock’s CEO, in a statement.
“Stock transformed its operating model over the past year to become a leaner, more focused organization,” he added. “This process has allowed us to seize significant opportunities like National Home Centers. We will continue to explore intelligent growth options both in our core markets and elsewhere if opportunities arise.”
Stock emerged from bankruptcy itself with a new majority owner, The Gores Group, last year.
Ken Greene, a veteran Stock executive, will manage Arkansas operations.