Cameron Ashley Building Products Enters Into $100 Million Revolving ABL Credit Facility
GREER, S.C.--(BUSINESS WIRE)--Apr 11, 2019--Cameron Ashley Building Products (“Cameron Ashley” or the “Company”), a portfolio company of Los Angeles-based private investment firm Pacific Avenue Capital Partners, LLC (“Pacific Avenue”), today announced that it has entered into a $100 million asset-backed revolving credit facility (the “Revolving ABL Facility”). The Revolving ABL Facility, which was provided by Wells Fargo Bank (“Wells Fargo”), includes an incremental accordion feature of up to $50 million. The successful refinancing follows Cameron Ashley’s recent announcement of the acquisition of the assets of Warrior Building Products, a St. Louis distributor.
“We are pleased with the results of this refinancing, and our partnership with Wells Fargo further improves our flexibility to pursue acquisitions while providing additional liquidity,” said Donny DeMarie, President and CEO of Cameron Ashley. “I applaud the entire Cameron Ashley and Pacific Avenue Capital Partners team for their hard work in securing a successful outcome.”
Under Pacific Avenue’s ownership, Cameron Ashley has grown its network to over 5,000 pro dealers across more than 30 strategically-located stocking distribution centers with a total storage footprint of over 4.2 million square feet. The warehouse footprint is support by a fleet of over 125 tractors and 200 trailers that make in excess of 240,000 deliveries every year. Cameron Ashley continues to expand its footprint with expansions into Phoenix, AZ (April 2019), Las Vegas, NV (April 2019) and Central Pennsylvania (June 2019). Additionally, Cameron Ashley is upgrading its existing facility locations in Houston, TX.
“We are excited to partner with Wells Fargo as we continue to scale the business,” said Chris Sznewajs, Founder and Managing Partner of Pacific Avenue. “The expanded credit line provides even greater flexibility as we pursue our growth plans through acquisition and greenfield opportunities. We continue to focus Cameron Ashley in our core building product offerings: roofing, insulation, gypsum, decking and siding.”
About Pacific Avenue Capital Partners
Pacific Avenue Capital Partners, founded by Chris Sznewajs, is a Los Angeles-based private investment firm. Pacific Avenue, in conjunction with its operating executives, partners with exceptional management teams to assist businesses in unlocking value and reaching their full potential. Pacific Avenue has a unique experience base in industrials, business services, healthcare services, and building products that allows the firm to differentiate itself from traditional private equity. For more information, please visit www.pacificavenuecapital.com.
About Cameron Ashley Building Products
Cameron Ashley, formerly known as Guardian Building Products, is a leading two-step distributor of exterior building products. The Company operates a network of 33 stocking distribution centers with a total storage footprint of over 4.2 million square feet in 20 states in the Midwest, Southeast, and Northeast United States. 26 of Cameron Ashley’s distribution centers are strategically located within 150 miles of the 25 largest MSAs in the country. Through the warehouse operations, as well as an established direct-from-manufacturer business model, Cameron Ashley Building Products serves over 5,000 pro dealers in the lumber and building materials industry. https://www.cameronashleybp.com/
View source version on businesswire.com:https://www.businesswire.com/news/home/20190411005783/en/
CONTACT: Chris Sznewajs
KEYWORD: UNITED STATES NORTH AMERICA MISSOURI SOUTH CAROLINA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Cameron Ashley Building Products
Copyright Business Wire 2019.
PUB: 04/11/2019 02:04 PM/DISC: 04/11/2019 02:04 PM