This Timeline Tracks BMC’s and Stock Building Supply’s Complex History

Recently BMC and Stock Building Supply, the nation’s ninth- and 10th-biggest pro dealers, announced plans to merge in a deal that’s expected to close by the end of this year. ProSales has been reporting on both companies throughout the years. Here’s a timeline of ups and downs leading to the deal that will create America’s third-biggest pro dealer.

Chapter 1: Full Steam Ahead

1998
Carolina Holdings rises to No. 1 on the ProSales 100 list, a position it would hold until 2005.

2000
Building Materials Holding Corp. (BMHC) makes No. 7 on the ProSales 100 list and Carolina Holdings sits at No. 1.

January 1, 2003
Carolina Holdings Becomes Stock Building Supply

July 1, 2004
Opening New Doors
Stock Building Supply and and Endura Door Components foster a collaborative partnership born through acquisition. Read the story here.

October, 11, 2004
Raising the Bar
San Francisco-based Building Materials Holding Corp. posts the best quarter in company history and completes its acquisition of KBI Norcal. Read the story here.

April 8, 2005
Production Minded
Pro dealer turnkey construction activity heats up in Chicago as BMHC enters the market alongside Seigle’s Michael Nicholas Carpentry. Read the story here.

July 27, 2005
Plumbing the Depths
BMCH and Stock Building Supply both make moves into the foundation and plumbing arenas, going deeper into the concept of offering one-stop shopping for products and construction services. Read the story here.

February 9, 2006
Preferred Source
Feature story: It takes more than just scale to work with the nation’s largest home builders. To harness more business from the explosive growth in this market segment, Stock Building Supply has completely reorganized its corporate structure, market focus, and philosophies on logistics execution to partner up with the production titans and better serve their needs. Read the story here.

April 7, 2006
Growing Strong
The beginning months of 2006 find San Francisco-based pro dealer and construction services provider BMHC busy managing acquisitions, executive restructuring, and more record-setting financial results. Read the story here.

June 27, 2006
A Knack for All Trades
With the launch of SelectBuild, BMHC revamps itself as a construction services juggernaut, and takes its vision of whole-house construction to a whole new level. Read the story here.

Chapter 2: Turbulent Times

July 10, 2007
Stock CEO Hord Retires, Replaced by SVP Appelmann
Senior vice president of operations Joe Appelmann will succeed Hord as president Aug. 1, 2007. Read the story here.

May 12, 2008
BMHC Unites BMC West and SelectBuild Units
Building Materials Holding Corp. merged its BMC West and SelectBuild units in an attempt to streamline services that it estimates will save $20 million to $25 million annually. Read the story here.

May 14, 2008
BMHC Stops Framing, Concrete Operations in Tucson
Building Material Holding Corp. said its SelectBuild subsidiary will cease residential framing and concrete operations in Tucson, Ariz., effective July 18. Read the story here.

May 16, 2008
BMHC Closes Merced, Bakersfield, Calif. Operations
BMC West will close millwork and building materials distribution faculties in Merced and Bakersfield, Calif. Read story here.

June 10, 2008
A Guiding Light Dims
Profile: Once admired for creating SelectBuild, BMHC is now the weak member in the family. Read the story here.

October 1, 2008
BMHC Gets New Loan Terms
Dealer will pay higher interest rates, provide stock warrants, operate with less maneuvering room. Read the story here.

October 23, 2008
Investor Report Calls for Restructuring, Cuts
Fundamental restructuring of Stock will further downsize its operations in line with the deteriorating market conditions. Read the story here.

October 24, 2008
NYSE To Suspend Trading of BMHC
Dealer says it will switch to over-the-counter market. Read the story here.

November 6, 2008
BMHC’s Net Losses Reach $45.2 Million in 3Q
Dealer confirms it will switch to over-the-counter market. Read the story here.

December 15, 2008
BMHC Moves HQ To Idaho
With departure from San Francisco, the company returns to its roots in Boise. Read the story here.

January 5, 2009
BMHC To Quit Northern Nevada
BMHC Closes Operations in Northern Nevada, Oregon, California, Texas, Colorado, and Arizona. Read the story here.

March 10, 2009
BMHC Posts $104 Million 4Q Loss
Sales fall 42% from year-earlier 4Q; Waiver on borrowing terms secured. Read the story here.

April 14, 2009
BMHC Gets Extension on Loan Waiver
No. 5 LBM operation can keep borrowing $20 million through June 1. Read the story here.

Chapter 3: Chapter 11

May 6, 2009
Wolseley Sells 51% of Stock; Stock Files for Ch. 11
L.A.-based private equity group to take control of No. 2 U.S. dealer. Read the story here.

May 15, 2009
BMHC’s 1Q Loss Deepens to $45.2 million
Sales slump 51% to $167 million. Read the story here.

May 26, 2009
BMHC Gets $54 Million Tax Refund
Funds will be used to pay off credit facility and borrowings. Read the story here.

May 28, 2009
Judge Kills Stock’s Leases
9-month operating loss hits $172 million; revenues down 30% through April. Read the story here.

June 16, 2009
BMHC Expects Profitability By Years End
The company’s projected reorganization income statement includes a gross profit of $158.5 million for the rest of 2009, followed by a gross profit of $209.5 million in 2010. Read the story here.

June 16, 2009
Building Materials Holding Corp. Enters Chapter 11
America’s sixth-biggest LBM operation gets $80 million in debtor-in-possession financing. Read the story here.

June 17, 2009
BMHC Gets Court OK to Continue Operating
The Boise, Idaho dealer and construction services provider, under Chapter 11, can now continue to meet its obligations to customers, including the fulfillment of contracts and honoring warranties, while meeting its obligations to suppliers, employees, and subcontractors. Read the story here.

June 26, 2009
BMHC Asks Bankruptcy Court to Reject 52 Leases
Most are for closed offices and yards; cost company $558,000/month. Read story here.

June 30, 2009
Stock Out of Ch. 11
America’s No. 2 LBM dealer touts strong financial status; seeks deeper customer relations. Read the story here.

July 6, 2009
Bankruptcy Court Approves BMHC Financing
$80 million in financing allows BMHC to continue full operations. Read the story here.

August 11, 2009
BMHC, in Ch. 11, reports $6.9 million net loss for second half of June
No. 6 LBM dealer, in Ch. 11, reports $6.9 million net loss for second half of June. Read the story here.

August 31, 2009
BMHC, in Ch. 11, Posts $9.4M Loss for July
America’s No. 6 LBM operation recorded $66.3M in sales. Read the story here.

September 8, 2009
Unsecured Creditors Object to BMHC Reorganization Plan
Creditors claim some of the language and terms of the plan are “confusing.” Read the story here.

September 9, 2009
Stock CEO: We Look To Show Profit by June 2010
Appelmann says company expects to be EBITDA-positive in current fiscal year, which begin when it left Chapter 11 on July 1. Read the story here.

September 30, 2009
BMHC’s Monthly Loss Deepens Nearly 70%
LBM giant, in latest Chapter 11 filing, posts $15.9 million loss for August. Read the story here.

October 1, 2009
BMHC Gets Financing To Exit Chapter 11
LBM giant files new reorganization plan that would turn debtholders into stock owners. Read the story here.

October 6, 2009
BMHC Creditors Seek Delay of Ch. 11 Motions
They complain dealer is pushing its plan through without providing enough time for review. Read the story here.

October 7, 2009
Judge Delays Key Decision in BMHC’s Ch. 11 Case
Postpones arguments until Oct. 22; press report says BMHC settled suit with construction workers. Read the story here.

October 13, 2009
BMHC, in Ch. 11, Seeks More Exclusive Time To Offer Reorg Plan
No. 6 LBM company says dealing with competing plans would distract management

October 23, 2009
BMHC Closer to Exiting Chapter 11
The latest U.S. Bankruptcy Court ruling allows BMHC to solicit approval of its reorganization plan from creditors. Read the story here.

October 30, 2009
BMHC Cuts Losses, But Sales and Margin Slip
Ch. 11 report shows $8.6M in losses on $61.1M in sales. Read the story here.

November 4, 2009
US LBM Forms from Stock’s WI, CT, and NY Operations
What used to be the Wisconsin, Connecticut, and New York operations of Stock Building Supply now will be owned by a newly formed entity created by two equity firms and run by a former Stock executive. Read the story here.

November 16, 2009
Mellor, 2 Other Execs To Leave BMHC
COO Street to take command at America’s No. 6 LBM operation. Read the story here.

December 17, 2009
BMHC Wins OK of Reorg Plan, Plans Jan. 4 Ch. 11 Exit
Sales of one framing unit and winding down of another could reap $23M in tax refunds, property sale another $1M. Read the story here.

December 30, 2009
BMCH Posts $9.2M Loss for November
No. 6 dealer posts $9.2M loss for November. Read the story here.

Chapter 4: Re-branding and Reorganizing

January 4, 2010
BMHC Exits Ch. 11, Renames Itself BMC Select
New firm will serve 16 market groups in 11 Western states. Read the story here.

February 2, 2010
BMHC’s Final Ch. 11 Loss: $18.8M
December losses bring total loss during reorganization to $50M; New BMC Select will use it as a tax benefit. Read the story here.

March 1, 2010
BMCH’s Ex-CEO Joins Stock Board; Dealer Plans ‘Aggressive’ Growth
Robert Mellor will help Stock as it expands, dealer says. Read the story here.

March 16, 2010
Stock Aims to Buy Dealer, Recruits BMHC’s Mellor, Plans Expansion
Stock Building Supply Holdings LLC will buy the assets of Arkansas’ National Home Centers, which is now under protection from creditors under Chapter 11. Read the story here.

April 2, 2010
Stock Buys National Home Centers
Stock gets four retail locations in Arkansas plus corporate HQ. Read the story here.

May 10, 2010
Stock Buys Bison
Deal combines Nos. 5 and 16 firms on the ProSales 100. Read the story here.

November 5, 2010
BMC Touts Financial Strength, Plans Investments
CEO pushes service efforts during meeting with vendors. Read the story here.

November 15, 2010
Appelmann Out as Stock CEO
Stock Building Supply named Jeffrey G. Rea, a former Johns Manville executive and most recently president of Tyco Electronics Specialty Products Group, as the new chief executive officer on Nov. 16. Read the story here.

December 17, 2010
BMC Secures Better Terms on Credit Facility
Dealer gets more borrowing power, lower rates. Read the story here.

February 7, 2011
BMC Expands Presence in Houston Market
Company adds new facility in northern part of city in effort to serve all of Houston market. Read the story here.

March 14, 2012
BMC Expands Line of Credit to $125 Million
Expansion provides financial flexibility and additional funds for growth. Read the story here.

October 12, 2012
BMC Celebrates 25th Anniversary With Recommitment to Core Values, Reports of Growth
BMC celebrated its 25th year in business this week by revamping its website and bringing to the fore its mission, vision, and values statements. Read the story here.

December 31, 2012
Stock Buys Atlanta Framer, Millwork Firm
Purchase of Total Building Services Group reflects Atlanta market’s potential, Stock says. Read the story here.

April 5, 2013
An Optimistic Rea Weighs in on ProSales 100 Conference Panel
We asked owners and managers of leading LBM operations—many of whom spoke at this year’s ProSales 100 Conference—to describe what post-recession growth will mean for their hiring and management practices. Read the story here.

June 14, 2013
Stock Takes First Steps Toward IPO
Registration statement reveals company lost $130mln since 1Q10. Read the story here.

November 12, 2013
BMC Acquires Sacramento-based Western Building Supply
Acquisition of Western Building Supply also deepens service to Central Valley. Read the story here.

June 23, 2014
Stock Opens New Yard in Charlotte Market
Troutman facility is firm’s second store in the region. Read the story here.

July 1, 2014
Stock Appoints New COO
ProSales 100 dealer appoints Bryan J. Yeazel as its new chief operating officer. Read the story here.

July 24, 2014
Stock Building Supply Gains on Net Income, Sales in Q2 Earnings
Stock Building Supply posted a net income of $5.6 million in 2Q 2014, more than double its 2Q 2013 net income of $2 million this time last year. Read the story here.

April 28, 2014
Stock Building Supply Turns $1.9M
Profit in 1Q Net sales grow 7.5% compared to 1Q14. Read the story here.

December 9, 2014
BMC hires new COO
BMC, the eighth-largest ProSales 100 company, today announced the appointment of four new executives, including a new COO, Wesley Barker. Read the story here.

April 20, 2015
BMC Acquires VNS Corporation
BMC, the 8th-largest company on the ProSales 100 list, announced today it acquiredVNS Corporation, the 39th largest dealer in the U.S. Read the story here.

Chapter 5: Joining Forces

June 3, 2015
BMC and Stock Building Supply announce plans to merge
BMC and Stock Building Supply, the nation’s ninth- and 10th-biggest pro dealers, respectively, announced today they signed an agreement to merge the companies in an all-stock, tax-free transaction worth $1.5 billion. Read the story here.