Two executives and the head of sales left Roper Brothers Lumber Company and are in the process of buying ABC Building Supply and American Applicators in Chester.
John Farrar, the president at Roper, Barry Brockwell, the CFO, and John Hinkle, a long-time sales manager, are all now working at ABC. Sources familiar with the companies said they left around two weeks ago. Terms of the pending deal were not disclosed.
Farra said yesterday that the deal will likely be completed in early October.
“That’s the American dream, to own your own business,” he said.
“We had 11 good years of working together, very good years, and this was just the opportunity for me and John and Barry,” Farrar said, adding that ABC’s owners were ready to sell but didn’t want a big company to come in and drastically change operations.
ABC’s former owners, Clifford Carnes and Lawson Chenoweth, will be staying on, Farrar said. ABC Building Supply and sister company American Applicators supply and install drywall. The companies have around 60 employees combined.
The entire building industry, especially the companies that supply and install residential materials, are suffering from a severe pull-back. Commercial construction is faring better, those familiar with the industry say.
In July BizSense reported that Roper Lumber laid off dozens of workers at various lumber yards and plants around Virginia. One employee at Roper said that the company was shrinking its workforce by 20% to 40%.
Background reading on Roper: Re-energized ROPER BROS. focuses on the future, published Dec. 2000.
Aaron Kremer is the BizSense Editor. On Monday look for a Q&A with Gray Stettinius, president of the Home Building Association of Richmond. Please send ideas or tips to tips@richmondbizsense.com.
