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Fenton Hord had a huge run at the helm of Stock Building Supply.
In 1987 he oversaw a seven-unit, $98 million pro dealer. When Hord retired in 2007, Stock was a 350-location, $5 billion “North American Super Power.”
Of course, when the housing starts dried up, Stock remained in the headlines with a well-documented run of bankruptcy and reorganization.
Even today Horde is optimistic about the LBM business. And that’s exactly where his latest venture is looking to put its money.
Late last month, Investors Management Corp., of which Hord is a board member, formed Cornerstone Building Alliance, with former Stock COO Steve Short at the helm. The investment company will target distributors, manufacturers and installers in the $10 million to $100 million-plus range.
“We know the business, we like the business, and we’re excited about the prospects Cornerstone brings to the industry,” Hord said.
The investment strategy calls for a majority position, with management teams to retain minority ownership. “This allows our partners to financially participate in the recovery of the market and the success of the business,” Short said.
The newly formed company’s next acquisition will be its first. “Stay tuned,” Short said.