US LBM Acquires Ridgefield Supply CompanyDecember 9th, 2020 by Tara Taffera
US LBM, specialty building materials distributor, adds another acquisition to its list—this time acquiring Ridgefield Supply Company, a building products dealer located in Ridgefield, Conn. Among the many products Ridgefield offers are windows and millwork, at its 89,000-square-foot facility.
“Ridgefield Supply has a long history of success, and they’re a great fit for US LBM,” said US LBM president and CEO L.T. Gibson. “The New York-New Jersey-Connecticut Tri-State region is a growing market and adding a dealer and team of Ridgefield Supply’s caliber strengthens and enhances our position in the nation’s largest market.”
This is just the latest acquisition US LBM has made. In November the company acquired Zeeland Lumber and Supply in Zeeland, Mich., another company that counts doors, windows and trim among its offerings.
Also in November, US LBM announced some news about its own ownership structure—the company signed a definitive agreement for Bain Capital Private Equity to acquire a majority stake in the company. US LBM will continue to operate under the leadership of Gibson and the current management team. Financial terms of the private transaction were not disclosed.
“US LBM’s national platform, local go-to-market strategy, relationships with top suppliers, and record of successful integrations continues to make us an acquirer of choice in the building materials industry,” said Gibson in that November announcement. “We look forward to working with Bain Capital Private Equity and leveraging their experience of helping industrial companies scale and attract additional partners.”
“L.T. and his team have built an impressive, enduring business with a winning model that combines the advantages of national scale with a strong local market strategy,” said Stephen Thomas, a managing director at Bain Capital Private Equity. “We believe US LBM is poised for continued growth and expansion as a leading national building materials distributor.”
Finally, the company announced this week that it will offer $390 million in aggregate principal amount of senior notes due 2028. Some of the net proceeds from the notes offering, together with borrowings under new senior secured credit facilities, will help finance and consummate the acquisition, while funding other payments contemplated by the merger agreement, officials said.