Blue Wolf Capital Partners LLC, the New York-based private equity firm announced that it has sold American Builders Supply to Kodiak Finance, Inc., a subsidiary of Kodiak Building Partners.
American Builders Supply, Inc., headquartered in Sanford, Florida, is an independent distributor and installer of doors, millwork, windows and trusses. Blue Wolf acquired ABS in early 2011, in partnership with the company’s founder, Chad Barton, when the company was struggling in the wake of the 2008 housing market crash. Following the acquisition, Blue Wolf recruited a new management team led by Bill Myrick, and complemented by other seasoned industry veterans; acquired five competitors; opened four greenfield locations; and implemented a company-wide Enterprise Resource Planning system. Today, the company has 550 employees across 10 locations and is the 40th largest building product distributor in the United States according to Pro Sales Magazine.
Michael Ranson, Partner at Blue Wolf, said, “In 2011, the building products industry was still reeling from the housing crisis. There were a rash of bankruptcies and the industry was unable to attract fresh capital. We saw a contrarian opportunity to find great value in companies that needed restructuring expertise and a partner with a long-term investment horizon. Because ABS had a strong position in some great markets, we believed we could restore it to its pre-housing crisis leadership position.”
Charlie Miller, partner at Blue Wolf, said, “ABS has experienced exciting growth and today it is a vital partner to the largest homebuilders in America; a strong employer; and a good corporate citizen. Working with Bill Myrick, Chad Barton and the ABS team over the last six years has been very rewarding. We thank Bill, Chad and the dedicated ABS team for this outstanding partnership, and we are confident that the company will continue to thrive under Kodiak’s ownership.”
Bill Myrick said, “In partnership with Blue Wolf, ABS transformed from a struggling local player to a valued dominant regional partner. We grew because Blue Wolf helped us develop and execute on a roadmap with expertise and insight. Today, we have a deep and broad management team, a comprehensive footprint and professional processes and systems. We thank Blue Wolf for this highly beneficial partnership, and we look forward to an exciting future built on ABS’s strong foundation.”