Private equity firm acquires controlling interest in Stock Building Supply
Stock, which is based in Raleigh, declares bankruptcy as part of acquisition. One of world’s largest building supply providers receives infusion of $75 million in capital. U.K.-based Wolseley retains 49% share in Stock.
Posted — UpdatedAs part of the acquisition, Stock also filed for Chapter 11 bankruptcy. The company said all debts would be paid.
“We are very excited about today’s announcement and look forward to working with Gores to develop the business,” said Stock President Joe Appelmann in a statement. “Gores’ strong operational expertise and focus will help position the company during this unprecedented downturn and to outperform the market.”
On March 6, Stock said Wolseley would “pursue a sale or joint venture, or to dispose of or otherwise exit Stock Building Supply, by Aug. 1.”
The decision to sell Stock is part of a recapitalization plan by Wolseley.
Stock employs some 1,400 people in North Carolina, including 930 in the Triangle, according to Waters. The company has been cutting jobs and closing operations in recent months as the U.S. economy slowed and the housing market crashed.
Copyright 2024 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.