Stock Building Supply buys Bison Building Holdings
Stock Building Supply Holdings, LLC (Stock), an affiliate of The Gores Group, announced today that it entered into an agreement to purchase the assets of Bison Building Holdings, Inc. and its subsidiaries. Bison is a leading supplier of building materials in Texas focused on the greater Houston area. Under the agreement, Stock will purchase substantially all of the assets of Bison pursuant to Section 363 of Chapter 11 of the U.S. Bankruptcy Code.
The transaction is Stock’s second acquisition this quarter and furthers bolsters the company’s core residential business. Joe Appelmann, CEO of Stock, stated: “The combination of Bison and Stock creates a clear market leader in Houston with the breadth of capabilities and combined talent to deliver a compelling value proposition to our customers.” ”
Tom Tolleson, Chief Operating Officer of Bison, stated: “This is an exciting opportunity for Bison, our customers and employees. Stock’s national reach, financial stability and strong customer relationships make it an ideal partner for Bison. We look forward to working with Stock’s management team to ensure a smooth and rapid transition.”
Bison filed a voluntary petition for federal bankruptcy reorganization on June 28, 2009. Stock intends to complete the transaction on or shortly after June 29, 2010.