Capitol Broadcasting Company, Inc. (CBC) announced the acquisition of a substantial interest in Professional Builders Supply (PBS), a Morrisville, N.C.-based building material distributor serving major markets across the Carolinas. The investment creates a new equity partnership among CBC and PBS founder and CEO Van Isley, CFO Steve Lochbaum and founder and Wilmington Market President Troy Wilkerson.
According to CBC Vice President James F. Goodmon, Jr., the transaction helps fulfill a strategic corporate goal: “This investment continues a tradition of diversification at CBC. Without question our roots are in broadcasting, but over the years we’ve expanded our portfolio with properties like the Durham Bulls, The American Tobacco Historic District and Rocky Mount Mills. PBS is a highly-successful, growing company with a great reputation for customer service and community involvement. That’s exactly the type of operation we want as part of CBC.”
Professional Builders Supply CEO Van Isley says the deal is a logical next step for the company: “When we embarked upon the process of identifying a partner that would allow us to accomplish several objectives, including providing a well-deserved exit for our non-employee minority investors, allowing the three employee investors to diversify our net worth, ensuring a stable future for our associates and positioning the company for additional growth, we could not have written a better script. We are extremely excited about partnering with the CBC team and the Goodmon family whom we have known and respected for many years.”
Professional Builders Supply serves single-family and multifamily residential builders across the Carolinas. With 285 associates, PBS has grown rapidly since its inception in 2003 and currently has operations in Morrisville, Wake Forest, Charlotte, Wilmington and Charleston, S.C. The company was included on the Triangle Business Journal’s “Fast 50” list of the region’s highest-growth companies eight of the last 12 years. The company has also been honored by TBJ as one of the best places to work in the Triangle.
Isley says PBS and CBC share core values that will lead to continued success: “CBC’s long term investment philosophies and specific focus on the Carolinas is a natural fit for our strategy and growth plans at PBS. Finding the ideal partner right here in our backyard was an added bonus.”
Source: Capitol Broadcasting Company