Cedar Creek News
BlueLinx Completes Acquisition Of Cedar Creek
ATLANTA, GA, and OKLAHOMA CITY, OK April 16, 2018 - BlueLinx (NYSE: BXC), a leading distributor of building and industrial products in the United States, today announced that it has completed its previously announced acquisition of Cedar Creek, a leading building products wholesale distributor specializing in a wide variety of building products.
The combination of BlueLinx and Cedar Creek creates one of the largest wholesale distribution companies in the building products industry, with combined revenue of approximately $3.2 billion in 2017. With one of the largest product offerings in the industry and over 70 locations, the combined company will utilize its broad footprint to better serve its extensive network of customers.
“We are pleased to announce today that we have finalized the strategic acquisition of Cedar Creek which marks a new, transformative era for our company,” said Mitch Lewis, President and Chief Executive Officer of BlueLinx. “We are in an even stronger position to continue to drive growth, deliver differentiated value to our customers and suppliers, and generate strong returns for our shareholders.”
Alex Averitt, recently appointed Chief Operating Officer of BlueLinx, said, “The Cedar Creek family is pleased to join forces with BlueLinx, and we are confident that the combination of our companies creates significant value for all our stakeholders. Our deep and unyielding commitment to our customers and focus on organic growth will be the driving force as we achieve our goal of becoming the leading wholesale building products distributor in the United States.”
BlueLinx used net proceeds from debt issuance under its amended $750 million ABL revolving credit facility (inclusive of a $150 million accordion) and a new $180 million term loan to fund the purchase price, repay debt and to pay certain related transaction fees and expenses. Excess availability under the ABL and cash on hand as of the closing approximated $157 million.
BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building and industrial products in the United States. The Company is headquartered in Atlanta, Georgia and operates its distribution business through its broad network of distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its website. (www.BlueLinxCo.com)
About Cedar Creek
Cedar Creek, established in 1977 as wholesale building materials company, provides building products for the heart of America. The Company is headquartered in Oklahoma with operations in the United States, offering a wide range of products that vary by region. (www.CedarCreek.com)
Susan O’Farrell, SVP, CFO & Treasurer
BlueLinx Holdings Inc.
Natalie Poulos, Investor Relations
BlueLinx Holdings Inc.
Trevor Gibbons / Amy Feng
Joele Frank, Wilkinson Brimmer Katcher
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the integration of BlueLinx and Cedar Creek. All of these forward-looking statements are based on estimates and assumptions made by BlueLinx’s management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, and technological factors outside of BlueLinx’s control that may cause its business, strategy or actual results to differ materially from the forward-looking statements.
In addition, there are significant risks and uncertainties that relate to the Company’s ownership of Cedar Creek, including, among other things: the failure to realize the benefits expected from the combination; the amount, composition and timing of potential synergies and cost savings that may or are expected to result from the combination; the acquisition-related combination costs and BlueLinx’s restructuring and integration related costs and charges; risks related to disruption of management time from ongoing business operations due to the combination and integration of the two companies; the impact of the combination on BlueLinx’s business; and other factors described in the “Risk Factors” section in BlueLinx’s Annual Report on Form 10-K for the year ended December 30, 2017, and in other documents filed with the Securities and Exchange Commission by BlueLinx from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, and changes in expectations or otherwise, except as required by law.
BlueLinx Enters Into Strategic Merger Agreement to Acquire Cedar Creek
Alex Averitt Appointed to Succeed D. Wayne Trousdale as President and CEO of Cedar Creek
Oklahoma City, OK, August 15, 2017 - Cedar Creek, a leading building material wholesaler, announced today that its board of directors has appointed Alex Averitt to succeed D. Wayne Trousdale as the President and CEO of the company, effective September 15, 2017. Additionally, Mr. Averitt has also been appointed to the board of directors.
The promotion of Mr. Averitt, who has served as the Chief Operating Officer since 2015, is part of the company’s succession planning process. Mr. Trousdale, a founding partner of the company who has served as the CEO since 2015, will be promoted to the role of Executive Chairman of the board of directors. Bill Adams is retiring from the nonexecutive chairman position and will continue to serve on the company’s board.
Mr. Averitt joined Cedar Creek in 2005 as a sales manager and has fulfilled various roles for the company. Immediately before serving as COO, he was the Vice President of IT. Prior to working for Cedar Creek, Alex gained experience as a general manager of both distribution and manufacturing operations for JELD-WEN Inc.
This planned succession will enable Mr. Trousdale to fully transition operational responsibility to Mr. Averitt so that he can focus his daily efforts on strengthening and spreading Cedar Creek’s unique customer-centric culture throughout the company. Mr. Trousdale remarked: “We have expanded in the last few years from a regional firm with six locations to a national organization with over 30 locations. Promoting Alex to CEO with full responsibility to manage the company will give me the time to travel around the country meeting with customers, suppliers, and employees to make sure that our entire organization reflects the values that have made Cedar Creek so successful.”
Mr. Trousdale also commented: “Alex has proven himself as a leader and this organizational change adds the executive resources we need to continue our growth.” Over the coming weeks, the two will work to ensure a seamless transition. Mr. Averitt stated, “I’m looking forward to the challenge of the new role and continuing the legacy of serving our customers and employees.”
Cedar Creek is a building material distribution company with 31 locations servicing 32 states. In May 2010, Cedar Creek, which then had eight locations, was recapitalized by Boston-based Charlesbank Capital Partners, with the goal of providing flexible capital for the company to grow beyond its existing trade areas.
Jesse Denham Named General Manager of Harlingen TX Branch
Oklahoma City, OK, July 18, 2017 - Cedar Creek is pleased to announce the promotion of Jesse Denham to General Manager of the Harlingen TX branch. Jesse started his career with Cedar Creek 4 years ago in our Dallas operation and has filled many functions in that time including operations, mill coordinator and sales. Jesse brings with him an energetic personality, excellent leadership skills and an awareness of what it takes for an operation to be successful in the market.
Mike Wardlow Named As Director of EWP
Oklahoma City, OK, July 7, 2017 - Cedar Creek is pleased to announce the hire of Mike Wardlow as Director of EWP. A native of West TN, Mike received his bachelor's degree in Business Administration from the University of North Carolina Wesleyan and his A.A.S. degree in Munitions Systems Technology while serving in the U.S.A.F.
Mike has 28 years of industry experience that includes positions with Georgia Pacific, Boise Cascade, Hunt Forest Products, and most recently LP Building Products. Throughout his 19 years with LP, Mike held the positions of Regional Sales Manager for Plywood, OSB, Director of EWP, and Western Regional Sales Manager for all LP products.
Mike and his wife of 33 years, Sylvia, have two children and currently reside in Franklin, TN.
Tyler Schmidt Promoted to General Manager of Lubbock Branch
Lubbock, TX, July 5, 2017 -Cedar Creek is pleased to announce that Tyler Schmidt has been promoted as General Manager of the Lubbock, Texas Branch.
Tyler is a graduate of Oklahoma State University earning a Bachelor's Degree in Strategic Communication. He has been with Cedar Creek in Oklahoma City for 4 years first in an industrial sales capacity before moving into a sales/mill coordinator role. For about the past year, Tyler as been General Manager of our Harlingen, TX branch and has done an excellent job of improving performance and culture there which warranted his promotion of GM for our Lubbock Branch.
Matt Loftus Hired as General Manager of Cedar Creek's Summit Paintline in St. Louis
St. Louis, MO, July 5, 2017 -Cedar Creek is pleased to announce the hire of Matt Loftus as General Manager of our Summit Paint Line in St Louis.
Matt brings 20 plus years manufacturing experience to Cedar Creek. He has held positions as QAQC Manager, Warehouse Manager, and Operations Manager within various manufacturing environments.
Matt earned a BA in Industrial Engineering from Southern Illinois University Carbondale in 2000 and a Master in Management from Southern Illinois University Edwardsville in 2010. He lives in Edwardsville Illinois with his wife, Jaimee, and three boys, Logan 15, Ben 13, and Nathan 11. Matt is a coach and a fan of all three boys as they compete on the soccer field.
Pete Gilbert Named General Manager of Lakeland Branch
Lakeland, FL, June 29, 2017 - Cedar Creek is pleased to announce that Pete Gilbert has been named General Manager of the Lakeland, FL branch.
Pete started his career in the distribution business over 29 years ago. During that time, he has held a wide variety of positon including Logistics coordinator, outside salesman, and president of operations. Pete came to Cedar Creek in 2016 through the acquisition of Universal Building Specialties where he held the position of president of operations.
Steve Wood Named General Manager of Gulfport Branch
Gulfport, MS, June 28, 2017— Cedar Creek is pleased to announce that Steve Wood has accepted the position of General Manager of the Gulfport branch.
Steve began his career in the lumber distribution business 27 years ago with Klumb Lumber Company during which time he held positions as Warehouse Manager, Outside Sales, and General Manager. Steve spent two years with US Lumber in Outside Sales before joining Cedar Creek in January 2016.
Steve earned a BA in Banking and Finance from Mississippi State University in 1990. He resides in Long Beach, MS with his wife, Lisa, and two boys, Alex, 19, and Sam, 16. In his spare time, Steve enjoys fishing and working outdoors.
Jayson Thompson Named General Manager of Denver Branch
Denver, CO, May 2, 2017 – Cedar Creek is pleased to announce that Jayson Thompson has accepted the position of General Manager of the Denver branch.
Jayson joined Cedar Creek in 2014 as a Sales Manager. Prior to starting with Cedar Creek, Jayson was a Territory Manager with Reid and Wright for 17 years. He led the Springfield, MO distribution facility and sales team. Jayson received his BS in Cardiac Analogy and Physiology of exercise.
Jayson will continue to live in Denver with his wife Cathy and their 2 sons; Evan 10 and Jacob 15. Jayson and his family enjoy skiing and hiking.
Steve Lindauer Named North Central Region Vice President
Oklahoma City, OK, May 1, 2017 – After over 40 years in the industry, Keith Laugen, Vice President of Cedar Creek’s North Central Region, has announced his retirement. Keith was President, CEO, and a Founder of Lake States Lumber which became part of Cedar Creek last year through acquisition. Keith’s daily presence will be missed by all the people that he has worked with for so many years, and we wish Keith the best as he starts the next chapter in his life.
Cedar Creek is pleased to announce that Steve Lindauer has been promoted to fill the role of Vice President for the North Central Region.
Steve began his career in the distribution business 22 years ago with Lake States Lumber during which time he held positions as a Sales Manager and Purchasing Agent. Steve joined Cedar Creek with the Lakes States Lumber acquisition and assumed the General Manager role of the Sparta branch.
Steve earned his BA from the University of Wisconsin Platteville in 1986. He resides in Tunnel City, Wisconsin with his wife, Dawn, and two children, Madison, 16, and Carson, 13. In his spare time, he enjoys hunting, fishing, and exercising.
Robin Brockner Named GM of Madison Distribution Center
Oklahoma City, OK, February 3, 2017 – Cedar Creek is pleased to announce that Robin Brockner has been named General Manager of our Madison, Wisconsin Distribution Center.
Robin joined Cedar Creek in 2013 as a Territory Sales Manager. Previous to starting with Cedar Creek, Robin received his BS in Sociology with an emphasis in Global Business Studies in 2012. In addition, Robin has 8 years of successful selling experience as a manufacturing sales representative.
Robin lives in Dane, WI with his wife Jessica and their 3-year-old son Wesley. Robin enjoys outdoor activities which include camping, golfing, fishing and hunting.
Craig McDonald Joins Cedar Creek as New Regional Vice President
Oklahoma City, OK, February 1, 2017 – Cedar Creek is excited to announce that Craig McDonald will be joining the Cedar Creek executive team as the new Vice President of the South Central Region. He has extensive experience in the building materials industry.
Craig's experience includes leadership roles with USG, International Paper, Trus Joist, Weyerhaeuser and Masonite. He has led positions responsible for sales, operations, marketing, logistics, engineering and business start-ups. Most recently Craig was the Senior Director of Distribution with Masonite's Residential Group and prior to that an Area General Manager with Weyerhaeuser, where he managed multiple facilities in the Northeast. Craig brings a customer-focused perspective to his work, with an emphasis on building customer partnerships, associate skills and vendor relations.
Craig will be relocating to Oklahoma City with his wife Brenda. They have two sons in college, Michael, a senior at Virginia Tech, and Sean, a freshman at the University of Tampa.
Paul Wetmore named Vice President of Purchasing
Oklahoma City, OK, February 1, 2017 – Cedar Creek is pleased to announce Paul Wetmore has been named Vice President of Purchasing. In his new role, Paul will be responsible for establishing and leading the company's strategic purchasing initiatives.
Paul joined Cedar Creek 2004 as an Industrial Sales Manager, and was later promoted to General Manager of the Oklahoma City branch, named Regional Manager in 2011 and Regional Vice President in 2014.
Paul lives in Oklahoma City with his wife Beth, his wife of 35 years. They teach a young adult Sunday School class at their church. Beth is a Licensed Professional Counselor in private practice. They have two children: Allie, a Physician's Associate (PA) living in Colorado Springs, and Todd, a Buyer for Walmart, lives in Bentonville, AR and a grandson, Hugh, in Colorado Springs.
Cedar Creek Acquires Thomas Nielsen Wholesale,Inc.
Oklahoma City, OK, December 7, 2016 – Cedar Creek announces the acquisition of Thomas Nielsen Wholesale, a Kansas City based Wholesale Lumber Company with operations in Kansas City and Springfield, MO.
D. Wayne Trousdale, CEO of Cedar Creek, said, “We are excited to be able to combine our efforts with those of Thomas Nielsen’s in both the Kansas City and Springfield markets. We look forward to working with the Thomas Nielsen team.”
Jeanne Smith, President of Thomas Nielsen Wholesale, Inc commented, “We are pleased to join such a strong leader in the industry and look forward to the opportunities and challenges ahead.”
Cedar Creek is a leading wholesale building material distribution company with thirty-one locations covering thirty-seven states across the U.S. In May of 2010, it was recapitalized by Boston-based Charlesbank Capital Partners with the goal of providing flexible capital for the company to grow beyond its current trade areas.
Cedar Creek Acquires Lake States Lumber
Oklahoma City, OK, June 22, 2016 – Cedar Creek announces the acquisition of Lake States Lumber (five locations in Wisconsin and Minnesota).
D. Wayne Trousdale, CEO of Cedar Creek, said, “Our acquisition of the outstanding Lake States organization provides Cedar Creek immediate entry into the important Upper Midwest market. Our two companies are a great fit both culturally and operationally.”
Keith Laugen, CEO of Lake States Lumber, commented, “Connecting with a strong, growing building material distributor provides a solid future for all the employees of LSL while providing even more great products to our customers.”
Cedar Creek is a leading wholesale building material distribution company with thirtyone locations covering thirty-seven states across the U.S. In May of 2010, it was recapitalized by Boston-based Charlesbank Capital Partners with the goal of providing flexible capital for the company to grow beyond its current trade areas.
Bruce Kulzer Name Regional Vice President
Personnel Announcement, May 10, 2016 – Cedar Creek is pleased to announce the promotion of Bruce Kulzer to Regional Vice President of the Southern Region. In this new role, Bruce will be based at our new Houston location. Bruce has been with us for 1 ½ years as General Manager, Oklahoma City and (with his branch team) successfully made many operational changes that have positioned the branch well for continued profitable growth.
Prior to Cedar Creek, Bruce was Vice President of Distribution at Hood Industries leading a 14 location lumber and building products distribution operation. He has also held several branch manager positions in the paper distribution industry, a CFO position for a fastener distributor, and worked for a few years in public accounting where he earned his CPA. He comes to us with a Bachelor Degree from the State University of NY at Albany and an MBA from the University of Virginia.
We are excited to have Bruce take on this new role. Please join me in congratulating Bruce and welcoming him to Texas.
Alex Averitt COO