BOISE, Idaho (Jan. 13, 2010) — A company that traces its origins in Idaho to the early 1900s but moved its headquarters out of state in the 90s has returned home. Building Materials Holding Corp. (BMHC), a leading provider of building materials and construction services to professional homebuilders and contractors, today announced it has finalized the relocation of its corporate headquarters from San Francisco back to Boise, Idaho — the original home of BMC West.
“We are pleased to be returning to our roots in Idaho,” says the company’s new CEO, Paul Street. “Our presence in the Gem State dates back nearly a century ago to 1913 with the birth of the Boise-Payette Lumber Co., which went on to merge with Cascade Lumber Co. in 1957 and form Boise Cascade Corp. — one of the great American companies.”
BMC West was established in 1987 in a leveraged buyout from Boise Cascade that included 20 retail building materials centers, and the company went public in 1991. Building Materials Holding Corp. was formed in 1997, at which point the company moved its corporate headquarters to the Bay Area.
In addition to returning to Boise, BMHC is unifying its operating brands BMC West and SelectBuild Construction as BMC SELECT™. SelectBuild is the company’s construction services division, a business BMHC entered in 1999 when it acquired the framing company Knipp Brothers in Las Vegas and Phoenix.
Just two years ago the company was a Wall Street darling and praised by building industry trade journals like ProSales as a “juggernaut,” a “powerhouse,” and “the clear leader in construction services.” Then the economy tanked and took the housing market down with it. On June 16, 2009, BMHC filed for Chapter 11, but on Jan. 4 — only six months later — it successfully emerged from Chapter 11 as a privately held company and remains one of the largest building materials distributors in the country.
“Like every business associated with residential housing and construction, our company has faced unprecedented challenges during the last few years,” Street says. “However, we’ve emerged quickly with a stronger balance sheet, enhanced liquidity, and a streamlined cost structure. And we’re not just leaner, but greener, as well, with a deeper understanding of emerging trends like sustainable building and smart growth.”
And with the name change, Street says the company also has emerged with a stronger, unified brand. “Our new name, BMC SELECT, celebrates our new beginning and leverages the important legacies and brand equity associated with BMC West and SelectBuild. We are the only company that consolidates construction services and building materials, and having one name, one company, and one brand going forward underscores this advantage.”
Street says the company’s new executive management team comprised of company veterans will lead BMC SELECT forward with the help of a new independent board of directors that brings valuable expertise in areas like building products, construction, real estate, finance, operations, and corporate turnarounds. Street’s fellow executive team members include Stan Wilson, who continues to serve as president and chief operating officer, and Danny McQuary, who will serve as chief financial officer.
Street has been with the company since 1999 and previously served as BMHC’s outside general counsel and secretary while a partner at the company’s law firm. Wilson is a 40-year veteran of the building products industry, first at Boise Cascade Corp. and, since 1987, at BMC West and BMHC. McQuary served as CFO for Lone Star Plywood and Door Corp. from 1994 until its acquisition by BMC West in 1997 and has since held management positions at BMC West and BMHC.
In addition to Street, BMC SELECT’s board consists of six independent directors who draw upon a wide range of skills and experience: Jay B. Hunt, a turnaround consultant and non-executive chairman of DDi Corp. Inc., an advanced electronics manufacturing services provider; Peter C. Alexander, past president and CEO of ORCO Construction Distribution, the largest independent building materials distributor in the western United States; Marc Chasman, president of the real estate investment group Picerne Capital West and a former executive at Lennar Homes and KB Homes; Dennis Downer, founder and chairman of Intermountain Orient, a lumber distributor in Boise, Idaho, and former president of the North American Wholesale Lumber Association; Michael A. Maidy, co-managing director and co-founder of Sherwood Partners, LLC, a financial services and crisis management consulting firm; and Carl R. Vertuca, Jr., president of The Vertuca Group, a venture capital and real estate investment company.
BMC SELECT offers lumber and building materials, trusses and components, doors and millwork, and targeted construction and installation services. A privately held company, BMC SELECT employs more than 3,700 people and operates in 11 states and 16 markets. Visit www.bmcselect.com for more information.
# # # BMC SELECT is a trademark and BMC West, BMHC, Building Materials Holding Corp., and SelectBuild are registered trademarks of Building Materials Holding Corp.
