Builders FirstSource Completes Acquisition of Truss Rite, LLC
DALLAS, Aug. 6, 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 had purchased Truss Rite, LLC ("Truss Rite"). The transaction closed on August 6, 2014 and marks the company's third acquisition of the summer.
Truss Rite, based in Sherman, TX which is located approximately 65 miles north of downtown Dallas, primarily manufactures wood roof and floor trusses for large multifamily and commercial projects throughout Texas and parts of Oklahoma. They predominately serve developers and general contractors in the multifamily residential housing sector. Sales were approximately $11 million for fiscal 2013, while June 2014 year-to-date sales were $9.8 million.
Commenting on the transaction, Builders FirstSource CEO, Floyd Sherman, said, "This acquisition provides us a manufactured component business in North Texas, and expands our value-add product offering within the state. Truss Rite's focus on the multifamily market also enables us to further diversify and leverage our existing multifamily customer base in this fast-growing market. We are excited about the business' future growth prospects and welcome the employees of Truss Rite to the Builders FirstSource family."
Current Truss Rite General Manager, Randy Rice, who will lead the operation, added, "This acquisition gives Truss Rite the chance to join a well-established and financially strong leader in the construction industry. This transaction should provide a great opportunity for growth for both our business and our employees."
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 50 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