US LBM TO ACQUIRE FOXWORTH-GALBRAITH LUMBER COMPANY

Leading national building materials distributor will expand reach across the Southwest

PLANO, Texas, July 8, 2022 /PRNewswire/ -- US LBM, a leading distributor of specialty building materials in the United States, announced today that it has reached a definitive agreement to acquire Texas-based Foxworth-Galbraith Lumber Company, a prominent building products supplier to building professionals and homeowners in the Southwest.

Upon completion of the acquisition, US LBM will operate 80 locations in Texas, 13 in Arizona, nine in New Mexico, five in Colorado and four in Oklahoma.

Founded in 1901 by W.L. Foxworth and H.W. Galbraith, the company today operates 28 locations across Arizona, Colorado, New Mexico and Texas under the Foxworth-Galbraith banner and two locations in Oklahoma under the Forest Lumber brand. The company's primary customers are professional builders, commercial contractors and homeowners, which Foxworth-Galbraith serves from its building materials yards, distribution centers, home centers and manufacturing locations, which are focused primarily on floor and roof trusses and structural beams.

"US LBM shares Foxworth-Galbraith's principles of service, integrity and providing solutions for customers and a great place to work for our people," said Foxworth-Galbraith President and CEO Jack Foxworth. "We're excited for the many new opportunities this partnership will create for both our employees and customers."

"Over the past 120 years, the Foxworth and Galbraith families and generations of associates have built one of the most widely respected and successful building materials distributors in the industry, and we are proud that they will be joining US LBM," said US LBM President and CEO L.T. Gibson. "The addition of Foxworth-Galbraith augments our already robust network in the Southwest, expands US LBM's reach and reinforces our strong position in several key housing markets, including the growing Dallas-Fort Worth and Phoenix metro areas."

US LBM's existing locations in the Southwest go to market under multiple locally recognized brand names, including R&K Building Supply, Higginbotham Brothers, Parker's Building Supply and J.P. Hart Lumber and Components.

The transaction is expected to close later in the third quarter of 2022, subject to customary closing conditions.

Anchor Peabody served as the exclusive advisor to Foxworth-Galbraith.

US LBM is the largest privately owned full-line distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. For more information, please visit uslbm.com.

SOURCE US LBM