Stock Building announces sale of Universal Supply
Posted January 13, 2010 4:39 p.m. EST
Raleigh, N.C. — Stock Building Supply officials said Wednesday that the company is selling its Universal Supply Co. business to US LBM Holdings, LLC.
Stock acquired the Hammonton, N.J.-based Universal Supply in 2006, as part of its corporate strategy to expand and diversify its participation in the roofing and siding replacement sector.
“Universal Supply is a profitable business that fits well into US LBM’s portfolio of building products companies,” Joe Appelmann, president and chief executive of Stock, said in a statement. “We desired to place Universal with a new partner that will ensure growth and prosperity for our associates and for the Universal business.”
Appelmann said the sale of Universal will allow Stock to have a "more targeted focus on our core markets, enabling us to reinvest in these to position ourselves for our own future growth.”
The company, which emerged from bankruptcy last June, is based in Raleigh.