CBC invests in Professional Builders Supply

Capitol Broadcasting Company (CBC) has acquired a substantial interest in Professional Builders Supply, a Morrisville-based distributor of building materials in the Carolinas.

The investment creates an equity partnership between CBC and PBS founder and CEO Van Isley, CFO Steve Lochbaum and founder and Wilmington Market president Troy Wilkerson.

"This investment continues a tradition of diversification at CBC," said CBC VP James Goodmon, Jr. "Without question our roots are in broadcasting, but over the years we've expanded our portfolio with properties like the Durham Bulls, The American Tobacco Historic District and Rocky Mount Mills. PBS is a highly successful, growing company with a great reputation for customer service and community involvement. That's exactly the type of operation we want as part of CBC."

PBS serves single-family and multifamily residential builders across the Carolinas. It was founded in 2003 and currently employs 285 associates, with operations in Morrisville, Wake Forest, Charlotte, Wilmington and Charleston.

"When we embarked upon the process of identifying a partner that would allow us to accomplish several objectives, including providing a well-deserved exit for our non-employee minority investors, allowing the three employee investors to diversify our net worth, ensuring a stable future for our associates and positioning the company for additional growth, we could not have written a better script," said PBS CEO Van Isley. "We are extremely excited about partnering with the CBC team and the Goodmon family, whom we have known and respected for many years."