BMHC Emerges from Bankruptcy as BMC Select
Building Materials Holding Corp., the provider of building materials and construction services to home builders and contractors, has completed its financial restructuring and successfully emerged from Chapter 11, it reports. The company has moved its corporate headquarters from San Francisco back to Boise, Idaho — the original home of BMC West — and will unify its operating brands as BMC Select.
As part of the restructuring process, the secured lenders of the once-publicly-traded BMHC have converted debt into equity and are now the owners of the reorganized, privately-held company and its operating entities BMC West Corp. and SelectBuild Construction Inc. As BMC Select, the company continues to offer lumber and building materials, trusses and components, doors and millwork, and targeted construction and installation services.
Employing more than 3,700 people, it operates in 11 states and 16 markets. BMC Select offers a variety of window and door products in various markets, including lines from Marvin, Masonite, Milgard, Therma-Tru and Woodgrain.
“Like every business associated with residential housing and construction, our company has faced unprecedented challenges during the last few years,” says BMC Select's new CEO Paul Street. “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.”
Street says the company — one of the largest building materials distributors in the country — 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.”
A 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 COO, and Danny McQuary, who serves as CFO.
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 & Door Corp. from 1994 until its acquisition by BMC West in 1997 and has since held management positions at BMC West and BMHC.
BMC Select traces its roots to 1902, when Cascade Lumber Co. was founded in Yakima, Wash. Boise Cascade was established in 1957 when Cascade Lumber merged with Boise-Payette Lumber Co. BMC West was created in 1987 in a leveraged buyout from Boise Cascade that included 20 retail building materials centers. BMC West went public in 1991, and Building Materials Holding Corp. was formed in 1997. BMHC launched what would become SelectBuild, the company’s construction services division, in 1999 when it acquired the framing company Knipp Brothers in Las Vegas and Phoenix.