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The Strober Organization, Inc.
1 Cragwood Road, South Plainfield, NJ 07080
Phone: (908) 315-3500 Fax: (908) 315-3499 |
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Contact: Carolyn Atkinson
ProBuild Holdings
360-350-3167 |
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| Strober Building Supply Purchases Rowley Building Products and Builder's Capital, LLC |
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Brooklyn, NY (July 17, 2006) - Brooklyn-based Strober Building Supply, a major supplier of high-quality building materials to professional builders and contractors, announced today that it has purchased Rowley Building Products and its sister company, construction financing business Builder's Capital LLC. The terms of this sale are not being disclosed.
A millwork and kitchen specialist, Rowley Building Products, headquartered in Middletown, NY, serves the professional contractor market in and around the Hudson Valley and Westchester regions of New York and Northern New Jersey. The organization is comprised of 12 facilities, including a millwork distribution center and a liquidation center.
"The New York and Northern New Jersey markets have outperformed the national average for the past three years," said Richard Young, president and chief operating officer of Strober Building Supply. "The acquisition of Rowley Building Products and Builder's Capital LLC complements our current operations in Hudson Valley, expanding and strengthening our ability to serve customers in this important market."
"The combination of these two teams strengthens and diversifies both companies' product lines. With Rowley's focus on millwork and kitchen sales and Strober Building Supply's experience with gypsum, we will be able to provide a broader range of products and serve our professional customer base more effectively," continued Young.
Headquartered in Brooklyn, NY, Strober Building Supply is a division of the Strober Organization. Strober Building Supply currently has 46 locations operating in seven states primarily in the northeast.
Following the completion of the acquisition, Rowley's combined lumber and building materials distribution locations will begin doing business as Strober Building Supply. Builder's Capital LLC will continue under the same name. The owners of Rowley Building Products, Rich Rowley and Brian Rivenburgh will remain with the company and will join Bob Merkl and Todd Rose of Strober Building Supply in managerial roles as senior executives within the combined company.
"We are excited to be joining forces with a company of Strober Building Supply's caliber," said Rich Rowley, chief executive officer of Rowley Building Products. "This acquisition represents an important step forward for both of our businesses. I am confident that the Rowley and Strober Building Supply teams will be able to learn from each other and work closely together to create a platform for future growth for both organizations."
About Rowley Building Products
Rowley Building Products has a rich family history. In 1923, J. Bennett Rowley purchased the A. Ketchum coal and lumber business. Rowley Coal and Lumber became Rowley Building Products in 1984. Ten years later, Rowley Building Products acquired its first New Jersey location in Sparta. Since that time, Rowley Building Products has expanded to 12 retail locations in New York and New Jersey. Rowley is committed to being the leading supplier of building products and services in their markets.
About Strober Building Supply
Strober Building Supply is a wholly-owned subsidiary of the Strober Organization, a major supplier of high-quality building materials to professional builders and contractors in the northeastern and mid-Atlantic regions of the United States. Strober is part of ProBuild Holdings, which is a wholly-owned subsidiary of Fidelity Capital, the business development arm of the mutual fund company, Fidelity Investments. As the nation's largest professional building materials supplier, ProBuild Holdings, which also includes the Lanoga Corporation within its portfolio, currently operates more than 400 lumber and building product distribution, manufacturing and assembly centers throughout the U.S. For additional information about Strober, visit www.strober.com. |
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