Thought earlier this year to be closing, Stock Building Supply in Richmondville is likely to remain open.
Building Industry Partners LLC has agreed to a letter of intent with Stock to buy the inventory and equipment of three regional lumberyards and continue them as Bellevue Builders Supply.
The deal is expected to be completed by late September with no interruption of service, according to Patrick O’Neil, Stock area manager.
Stock, a nationwide corporation, was in voluntary bankruptcy proceedings in May, and part of the financial restructuring indicated then that area Stock locations, including Richmondville would close.
But Stock emerged from Chapter a month ago, and last week, Building Industry Partners––BIP––announced the letter of intent to buy the inventory and equipment of Stock lumberyards in Richmondville, Schenectady and Sidney.
“We expect the deal to go through the end of September,” Mr. O’Neil said. “Right now, they’re doing their due diligence and things like that.”
The 10 Richmondville employees would keep their jobs, according to BIP’s Jason Fraler.
In tough economic times, BIP is looking at the acquisition over the long range, Mr. Fraler added.
“These were good businesses to begin with that got beat up in the economy,” he said. “You have to look at the long-term perspective. That’s the kind of view you have to take here.”
Mr. O’Neil agreed. With good economic news being rare, he characterized the acquisition as a “ ‘good news’ story of a longstanding local business that has a renewed lease on life.”
The Richmondville site was originally a Bellevue Builders Supply before Stock purchased it in 2004.
BIP is a private investment firm specializing in the building industry.
Mr. Fraler described BIP as a “pro-dealer” company, meaning it’s more focused on the industry, as opposed to a big-box store.
“The industry’s lost 40 percent of its employees over the past few years, so we’re happy for these employees now,” Mr. Fraler said.
“And we’re happy for the area. This will be good for contractors and the industry.”