Gores Group Acquires Building Materials FirmThursday, November 17, 2011
Gores Group on Thursday said it acquired the remaining ownership of Stock Building Supply Holdings LLC, a North Carolina company that supplies building materials to professional home builders and contractors across the country.
The Westwood investment firm headed by billionaire financier Alec Gores in 2009 bought a controlling interest in the Raleigh company, which has operations in Los Angeles. Financial terms of the latest deal were not disclosed.
“We have high expectations for Stock, and this transaction solidifies our position in the company,” said Ryan Wald, Gores managing director, in a statement. “Stock is well-situated to weather the downturn and is capable of rapid growth as the market recovers. This additional investment will allow us to participate fully in the growth of Stock and the recovery of the housing market.”
This is the third deal this month for Gores. Earlier this month, one of its majority owned joint ventures completed an $85 million deal to acquire Liz Claiborne Inc.’s Mexx unit, which designs and sells apparel in Europe and the Middle East
Gores also completed acquisition of Clark Group Inc., a Trenton, N.J. company that provides freight and other logistical services to American and British magazine and book publishers. The value of that deal was not disclosed.