Jan 5 2010
Building Materials Holding Corp. (BMHC), a leading provider of building materials and construction services to professional home builders and contractors, today announced it has completed its financial restructuring and successfully emerged from Chapter 11.
The secured lenders of BMHC have converted debt into equity and are now the owners of the reorganized privately held company and its operating entities BMC West Corp. and SelectBuild Construction, Inc.
In addition, the company has moved its corporate headquarters from San Francisco back to Boise, Idaho — the original home of BMC West — and will unify its operating brands as BMC SELECT™.
“Like every business associated with residential housing and construction, our company has faced unprecedented challenges during the last few years,” says BMC SELECT’s new CEO Paul Street. “However, we’ve emerged quickly with a stronger balance sheet, enhanced liquidity, and a streamlined cost structure. And we’re not just leaner, but greener, as well, with a deeper understanding of emerging trends like sustainable building and smart growth.”
Street says the company — one of the largest building materials distributors in the country — also has emerged with a stronger, unified brand. “Our new name, BMC SELECT, celebrates our new beginning and leverages the important legacies and brand equity associated with BMC West and SelectBuild. We are the only company that consolidates construction services and building materials, and having one name, one company, and one brand going forward underscores this advantage.”
A new executive management team comprised of company veterans will lead BMC SELECT forward with the help of a new independent board of directors that brings valuable expertise in areas like building products, construction, real estate, finance, operations, and corporate turnarounds. Street’s fellow executive team members include Stan Wilson, who continues to serve as president and chief operating officer, and Danny McQuary, who will serve as chief financial officer.
Street has been with the company since 1999 and previously served as BMHC’s outside general counsel and secretary while a partner at the company’s law firm. Wilson is a 40-year veteran of the building products industry, first at Boise Cascade Corp. and, since 1987, at BMC West and BMHC. McQuary served as CFO for Lone Star Plywood and Door Corp. from 1994 until its acquisition by BMC West in 1997 and has since held management positions at BMC West and BMHC.
In addition to Street, BMC SELECT’s board consists of six independent directors who draw upon a wide range of skills and experience: Jay B. Hunt, a turnaround consultant and non-executive chairman of DDi Corp. Inc., an advanced electronics manufacturing services provider; Peter C. Alexander, past president and CEO of ORCO Construction Distribution, the largest independent building materials distributor in the western United States; Marc Chasman, president of the real estate investment group Picerne Capital West and a former executive at Lennar Homes and KB Homes; Dennis Downer, founder and chairman of Intermountain Orient, a lumber distributor in Boise, Idaho, and former president of the North American Wholesale Lumber Association; Michael A. Maidy, co-managing director and co-founder of Sherwood Partners, LLC, a financial services and crisis management consulting firm; and Carl R. Vertuca, Jr., president of The Vertuca Group, a venture capital and real estate investment company.
BMC SELECT traces its roots to 1902, when Cascade Lumber Co. was founded in Yakima, Wash. Boise Cascade was established in 1957 when Cascade Lumber merged with Boise-Payette Lumber Co. BMC West was created in 1987 in a leveraged buyout from Boise Cascade that included 20 retail building materials centers. BMC West went public in 1991, and Building Materials Holding Corp. was formed in 1997. BMHC launched what would become SelectBuild, the company’s construction services division, in 1999 when it acquired the framing company Knipp Brothers in Las Vegas and Phoenix.
BMC SELECT offers lumber and building materials, trusses and components, doors and millwork, and targeted construction and installation services. A privately held company, BMC SELECT employs more than 3,700 people and operates in 11 states and 16 markets.
Source: http://www.bmcselect.com/