CAPITAL REGION Stock stores to revert to Bellevue Builders BY AMEERAH CETAWAYO Gazette Reporter Reach Gazette reporter Ameerah Cetawayo at 395-3040 or acetawayo@dailygazette.net.
Bellevue Builders Supply is coming back to the Capital Region after a five-year hiatus, according to those familiar with the letter of intent recently signed by Dallasbased equity firm Building Industry Partners to acquire all of Stock Building Supply’s former locations in New York, Connecticut and Wisconsin. Details regarding Bellevue’s return to the region have yet to be released, but according to Matt Ogden, managing partner for Building Industry Partners, the news is good for the combined total of 500 employees at the acquired locations whose jobs will be saved. “We’re buying the operations in partnership with the operations’ general managers,” Ogden said in an e-mail to The Daily Gazette. Before Bellevue Builders Supply locations were sold to Stock Building Supply in 2004, the stores were owned and operated by the family of Joseph Lucarelli, who is currently the president of Traditional Builders in Schenectady. Lucarelli could not be reached for comment Tuesday. After Stock filed a notice with the Department of Labor that indicated its Rotterdam location on Duanesburg Road would close, officials revealed a deal with an unnamed buyer was pending and jobs were safe. As the landlord for Stock’s buildings in Rotterdam, Sidney, Richmondville and Roxbury, Lucarelli had indicated his family had interest in taking over as the new owner if that deal fell through. ...........................>>>>.......................>>>>.............http://www.dailygazette.net/De.....amp;EntityId=Ar00404
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Salvatore
July 29, 2009, 4:01pm
Guest User
all this trouble because of the repubs screwing up the economy with teh taxes here and in washinton to.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
ROTTERDAM Stock manager to head new Bellevue BY AMEERAH CETAWAYO Gazette Reporter Reach Gazette reporter Ameerah Cetawayo at 395-3040 or acetawayo@dailygazette.net.
More details are emerging about the return of Bellevue Builders Supply to the Capital Region. Greg Gaskell, current New York market manager and general manager of Stock Building Supply at 500 Duanesburg Road in Rotterdam, will become president of Bellevue Builders Supply when the transaction to acquire current Stock locations is completed, which is anticipated by Sept. 30. Gaskell is buying the Stock locations in partnership with Dallasbased private equity investment firm Building Industry Partners, which recently signed a letter of intent with Stock to acquire the inventory and equipment of Stock’s upstate New York operations. Gaskell said customers should start to notice a difference at the acquired locations 30 to 90 days after the transaction is finalized, as Bellevue becomes an independent, Schenectady-based lumber and materials dealer. “There will be some changes as we become independent and better position ourselves for the local market,” Gaskell said Friday. Gaskell has been a general manager for Stock for the last four years and has spent 22 years in the building industry. “We are excited that in a time with so much negative economic news we were able to preserve this long-standing business and the jobs of our employees,” Gaskell said in the announcement. “Our customers have been extremely loyal and supportive through some challenging times, and we are happy that we will be able to continue to support them for years to come.” .....................>>>>.........>>>>.........http://www.dailygazette.net/De.....amp;EntityId=Ar00503
Stock Building stores become Bellevue again The sale of Stock Building Supply’s two Schenectady-area locations as well as stores in Richmondville and Sidney closed Monday. The sale converts the locations to Bellevue Builders Supply stores, according to president of the lumber and materials dealer, Greg Gaskell. He bought the Stock locations in partnership with US LBM Holdings, a new company formed with Bloomfield Hill, Mich.-based BlackEagle Partners LLC, a private equity firm specializing in turnarounds, and Dallas-based private equity investment firm Building Industry Partners. The Capital Region locations had been Bellevue Builders Supply stores before Stock bought them several years ago. Stock Building Supply said it emerged from Chapter 11 bankruptcy July 1, after deciding to close or liquidate underperforming stores across New York and elsewhere nationwide to focus on 19 core markets on the West Coast and the Southeast.
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