Builders FirstSource Completes Acquisition of Trim Tech of Austin
DALLAS, Oct. 1, 2014 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today announced it has purchased Trim Tech of Austin, Inc. ("Trim Tech"). Danny McQuary of Note Orius, Inc. served as financial advisor to Trim Tech during the transaction, which closed October 1st.
Trim Tech is based in Hutto, Texas, which is located approximately 30 miles northeast of downtown Austin. Trim Tech is a turn-key supplier of custom cabinets, interior and exterior doors, stair parts, and custom millwork and molding. Sales for fiscal 2013 were approximately $14 million.
Commenting on the transaction, Builders FirstSource CEO, Floyd Sherman, said, "This purchase provides a unique opportunity for us to expand our footprint by acquiring one of the largest remaining independent millwork suppliers in the greater Austin area. Trim Tech is a well-established, reputable business focused on high-end millwork offerings and installation services in one of the strongest housing markets in the U.S. We are excited that Trim Tech's employees will be joining our team, and look forward to working along-side them."
Trim Tech founder and majority owner Arthur Serrano, who will be retiring, added, "I am very thankful for the dedicated employees here at Trim Tech, and am extremely proud of the company we have built together. This is a great opportunity for Trim Tech and its employees." Other long term members of Trim Tech's management team, including John Wilkerson, Sam Cardozo, and Ron McManus, will remain with the business moving forward.
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier and manufacturer of structural and related building products for residential new construction. The company operates 55 distribution centers and 51 manufacturing facilities in 9 states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the company's website at www.bldr.com.
Statements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, plans to reduce costs, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the Company's growth strategies, including gaining market share, or the Company's revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.'s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.
CONTACT: Chad Crow Senior Vice President and Chief Financial Officer Builders FirstSource, Inc. (214) 880-3585 Marcie Hyder Vice President and Corporate Controller Builders FirstSource, Inc. (214) 880-3551