BlueLinx slims down
BlueLinx Holdings reported that it has completed the sale of former distribution facilities in Minneapolis, Minn., and Des Moines, Iowa, for an aggregate purchase price of approximately $12 million.
The building products distributor said that net proceeds from the transactions have been used to repay debt under the company’s revolving credit facility.
The Marietta, Ga.-based company said that it decided to sell the two facilities after integrating operations into existing Cedar Creek facilities in Minneapolis and Des Moines last year. BlueLinx is serving the markets out of those facilities, which operate under long-term leases.
BlueLinx completed its acquisition of Cedar Creek in April 2018. At the time, the $413 million deal added 31 Cedar Creek distribution locations to BlueLinx’s existing 39 distribution facilities. BlueLinx operates in 40 states.
“We are pleased to be able to realize value for these two facilities after successful facility integrations in the Minneapolis and Des Moines markets. We will continue to look for opportunities to monetize our real estate assets to further reduce our overall leverage,” said Mitch Lewis, president and CEO of BlueLinx.
The building products distributor said that net proceeds from the transactions have been used to repay debt under the company’s revolving credit facility.
The Marietta, Ga.-based company said that it decided to sell the two facilities after integrating operations into existing Cedar Creek facilities in Minneapolis and Des Moines last year. BlueLinx is serving the markets out of those facilities, which operate under long-term leases.
BlueLinx completed its acquisition of Cedar Creek in April 2018. At the time, the $413 million deal added 31 Cedar Creek distribution locations to BlueLinx’s existing 39 distribution facilities. BlueLinx operates in 40 states.
“We are pleased to be able to realize value for these two facilities after successful facility integrations in the Minneapolis and Des Moines markets. We will continue to look for opportunities to monetize our real estate assets to further reduce our overall leverage,” said Mitch Lewis, president and CEO of BlueLinx.