CORNERSTONE Building Alliance, LLC announced that it has completed the Partnership’s initial investment in ALC Holding, LLC (ALC) based in Phoenix, AZ.
FOR IMMEDIATE RELEASE / PRURGENT
Raleigh, N.C. (September 27, 2012) – CORNERSTONE Building Alliance, LLC announced that it has completed the Partnership’s initial investment in ALC Holding, LLC (ALC) based in Phoenix, AZ. ALC is Arizona’s largest building materials distributor. The investment includes Alliance Lumber, Alliance Truss, Arizona Structural Laminators (ASL), Core Materials Distribution and ALC Transportation.
“CORNERSTONE has a team that anyone would enjoy working with. They have a real understanding of building materials distribution and, more importantly, they mirror the core values that we’ve established for our company over the last 28 years. The combination of CORNERSTONE and Alliance creates a partnership that is well positioned to capitalize on the future growth of our market.”said True Carr, President and CEO of ALC Holding LLC. “CORNERSTONE’s significant cash investment in Alliance along with the additional resources and support this partnership provides will benefit our customers, employees and shareholders.”
CORNERSTONE’s President and CEO, Steve Short, stated “We are pleased to have Alliance as our platform company in Arizona. Alliance is the leading distributor in a top five housing market. Phoenix and Arizona, which clearly suffered significant downturns, have done a remarkable job of working through their distressed housing problems and are now well positioned to rebound. Our investment positions the business to strategically capitalize on the market recovery both organically and acquisitively. Alliance is a strong, healthy company with a deep and seasoned team. We look forward to a long, mutually beneficial partnership.”
CORNERSTONE targets companies with annual revenues of $10 million to more than $100 million, including one-step manufacturers, distributors and installers of dimensional lumber, engineered wood, roof and floor trusses, wall panels, sidings, windows, exterior doors and millwork, roofing, drywall, interior doors and millwork, cabinets and countertops. CORNERSTONE works with management teams to build companies capable of producing reliable earnings growth and outstanding corporate stewardship.
For more information, please contact Steve Short at sshortcornerstonebuilding.com or visit cornerstonebuilding.com.
About CORNERSTONE Building Alliance, LLC
CORNERSTONE Building Alliance, LLC is a private, closely held company headquartered in Raleigh, NC. CORNERSTONE is committed to being a long-term owner of a family of companies in the building materials segment in partnership with their management teams. CORNERSTONE has an ongoing interest in adding other businesses to its family of companies through investment.