Major U.S. building projects distributor US LBM Holdings announced its intent to acquire Greenville-based GBS Building Supply for an undisclosed sum from its employee shareholders.
The acquisition is expected to close Oct. 5, and current GBS CEO and President Bob Barreto will remain in his current role for GBS.
GBS Building Supply made the 2015 Inc. 5000 list with 2014 revenues of $50.1 and three-year growth of 113 percent. Founded in 1972 by a group of South Carolina-based homebuilders, the company operates six locations across the Carolinas and sells building materials, operates a custom molding and millwork center and offers kitchen design and floor system design services.
“GBS is excited to join the US LBM team,” said Barreto in a news release. “This new partnership allows us to continue to invest in operations and enhance customer service at all our locations. The opportunity for growth for our employees, customers, and vendor partners is extraordinary.”
US LBM is a collection of building material distributors operating 165 locations in 22 states. The company advocates for local management and leadership, according to a news release, for its operating companies.
“GBS Building Supply is a great addition to the US LBM family and continues our strategy to diversify from both a product and geographical perspective,” said L.T. Gibson, president and CEO of US LBM. “GBS has a proven team with a history of success. We are excited to partner with their associates and look forward to future opportunities together in the region.”
