Terms of the deal were not disclosed. New England Building Supply’s team of 61 people will remain in place, according to the announcement, with Smith and Ciampaglio retaining leadership roles in the company.
“We see this as an opportunity for growth,” said Smith. “In addition to expanding our business in greater Boston, we’re excited about growth well beyond our existing service area.”
Founded in 2011, Kodiak’s current portfolio of companies includes Barton Supply, a steel fabricator and distributor with 3 locations in Colorado, Gulf and Basco, a window, cabinet and appliance distributor serving greater Houston, and Great West Drywall Supply, a gypsum and accessories distributor also serving the Colorado market.
Ciampaglio added, “Kodiak brings expansion capital to grow our business, and both Russ and I will be significant investors in Kodiak going forward as part of this transaction. We’ve known and worked with Hylbert and Steve Swinney, Kodiak’s President and COO, for many years and are excited to be joining forces to participate in the housing recovery together.”
Swinney added: “We expect this to be the first of many acquisitions to take place under the New England Building Supply leadership team.”