December 14, 2007

United Rentals, Cerberus Capital Head to Court

Finance, Free, Legal Issues in Wholesale Distribution, Mergers & Acquisitions, News, Operations, Subscriber Only, Top Distributor Sectors / MDM Staff

The dispute between United Rentals Inc. and Cerberus Capital Management is moving into the courtroom.
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A Delaware court will hear the case that United Rentals, Greenwich, CT, initiated on Nov. 19, 2007, against Cerberus acquisition vehicles RAM Holdings Inc. and RAM Acquisition Corp.
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The lawsuit seeks to compel Cerberus to complete its purchase of United Rentals.
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United Rentals said in a statement that it has fulfilled its obligations under the merger agreement with Cerberus and stands ready to complete the merger transaction on the agreed-upon terms.
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United Rentals is an equipment rental company with over 690 rental locations in 48 states, 10 Canadian provinces and one location in Mexico. The company offers for rent over 20,000 …

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Watsco to Buy HD Supply’s HVAC Assets

Companies, Finance, Free, HVACR, Mergers & Acquisitions, News, Plumbing Products & PVF Distribution, Subscriber Only, Top Distributor Sectors / Lindsay Young

HD Supply has signed a letter of intent to sell its Rheem/Ruud HVAC operations to Watsco Inc., Coconut Grove, FL, an HD Supply spokeswoman confirmed. She said&nbsp ; the companies are in the process of due diligence on the deal.
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If it moves forward, the transaction would close in the first quarter of 2008. The assets will become part of Watsco’s Gemaire group in Ft. Lauderdale, FL.
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HD Supply will hold onto its plumbing assets.

The HD Supply Plumbing/HVAC business Web site lists Hughes Supply and Apex Supply Co. as the two companies that made up the division. Former revenue reports do not separate the plumbing from the HVAC sales.

Apex,Atlanta, GA , was …

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Pro-Build Acquires Lumber Inc.

Building Materials/Construction, Companies, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Pro-Build Holdings, Denver, CO, has acquired Lumber Inc., Albuquerque, NM, distributor of lumber, flooring and roof trusses, Home Channel News has reported.
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The Lumber Inc. locations complement operations in Santa Fe and Albuquerque.
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Lumber Inc. has four locations in the market, one in Santa Fe and one in Las Cruces.
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Pro-Build recently announced it would buy the Lumber and Building Materials division of HD Supply in the …

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Sonepar’s Viking Electric Supply Buys Anchor Electric

Electrical, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Viking Electric Supply, Minneapolis, MN, a subsidiary of Sonepar USA, has acquired Anchor Electric Supply, a single-branch distributor in Sturgeon Bay, WI, which serves the contractor and industrial markets.
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Anchor Electric Supply has six employees. Its facility features more than 14,000 square feet, which includes employee offices, a showroom floor and warehouse space.
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The Anchor merger is a great extension of our business operations in Green Bay and northeastern Wisconsin. Pat Saladin has built a business model that focuses on customer service and has been an excellent competitor of ours for many years,” said Greg Hames, president of Viking Electric. “& hellip; We intend to continue the expansion of our Upper Midwest footprint and the Anchor purchase is …

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Industrial Production Up 0.3% in November

Economic Trends, Free, News, Research & Analytics, Subscriber Only / MDM Staff

Industrial production increased 0.3&nbsp ; percent in November; the change in production over the previous three months was revised down, on net, an average of 0.1 percentage point per month.
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At 113.9 percent of its 2002 average, total industrial production in November was 2.1 percent above its year-earlier level.
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Output in the manufacturing sector increased 0.4&nbsp ; percent in November. The output of utilities dropped 1.3&nbsp ; percent because of a decline in electric utilities; the output at mines increased 1.1&nbsp ; percent.
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Capacity utilization for total industry edged up, to 81.5 percent, a rate slightly above its year-earlier level and 0.5 percentage point above its average.
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