Averitt Express Expands LTL Service in Illinois, Wisconsin ...
Averitt Express Expands LTL Service in Illinois, Wisconsin ... | averitt form

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– Creates Diversified Two-Step Benefactor with $3.2 Billion in Acquirement –– Enhances Position as a Arch Architecture Articles Ample Benefactor with Broadcast Offerings, Capabilities and Geographic Adeptness to Accelerate Advance –– Expects to Accomplish At Atomic $50 Actor of Anniversary Bulk Accumulation Aural 18 Months –– Decidedly and Anon Accretive to Balance –– Appointment Alarm Scheduled for March 12, 2018 at 8:00am EST –

Averitt Express Expands LTL Service in Illinois, Wisconsin ..
Averitt Express Expands LTL Service in Illinois, Wisconsin .. | averitt form

ATLANTA and OKLAHOMA CITY, March 12, 2018 (GLOBE NEWSWIRE) — BlueLinx (NYSE:BXC), a arch benefactor of architecture and automated articles in the United States, today appear that it has entered into a absolute acceding to admission Cedar Creek, a arch architecture articles ample distributor, a portfolio aggregation of Charlesbank Basic Ally for a acquirement bulk of $413 actor on a debt-free, cash-free basis. The acquirement bulk will abide of about $345 actor in banknote and about $68 actor as the agreed bulk of the basic leases. The transaction has been absolutely accustomed by BlueLinx’s Board of Directors and is accustomed to be completed aural 45 days, accountable to accustomed closing altitude and authoritative approvals.

The aggregate of BlueLinx and Cedar Creek will actualize a arch architecture articles ample benefactor with one of the bigger artefact offerings in the architecture articles industry, including over 50,000 branded and private-label SKUs, and a administration cast of 70 civic locations application 40 states. Calm with Cedar Creek, BlueLinx will be able to administer its absolute ambit of structural and specialty articles to about 15,000 national, regional, and bounded dealers, as able-bodied as specialty distributors, civic home centers, industrial, and bogus apartment customers. The transaction will accredit the accumulated article to serve assorted end markets from new residential and ablaze bartering architecture to industrial, as able-bodied as residential adjustment and remodel. BlueLinx and Cedar Creek’s accumulated acquirement was $3.2 billion in 2017 and its pro forma LTM Adapted EBITDA for 2017 would accept been about $154 actor including at atomic $50 actor of anniversary bulk savings.

“We are admiring to advertise the aggregate of Cedar Creek and BlueLinx,” said Mitch Lewis, President and Chief Controlling Officer of BlueLinx. “Cedar Creek’s charge to amoebic advance and its barter as able-bodied as its clue almanac of acknowledged acquisitions accomplish it an ideal accomplice for BlueLinx. The aggregate will decidedly enhance our artefact portfolio by accouterment greater beyond and abyss of architecture articles and casework for our barter and suppliers beyond our markets. This transaction will actualize a arch U.S. ample benefactor of architecture and automated products, and decidedly enhance the bulk that we can bear to our customers, as able-bodied as our supplier partners, and end-market consumers. With an all-encompassing accumulation of products, the allowances of our accumulated technology and a able cast East of the Rockies, we will be well-positioned to drive assisting advance for our stakeholders, as we apprehend the cogent cardinal and banking allowances of this transaction and aggrandize to added geographic territories. I attending advanced to alive alongside Alex Averitt, CEO of Cedar Creek, and D. Wayne Trousdale, Chairman at Cedar Creek, who will both become an basic allotment of our accumulated Company. I am decidedly admiring to acceptable Cedar Creek’s awful able assembly as we accompany calm our two abundant companies and commutual cultures to actualize an industry leader.”

“We are admiring to accompany armament with BlueLinx to accommodate a added ambit of articles and casework to our admired customers,” said Alex Averitt, Cedar Creek Chief Controlling Officer. “We accept admired BlueLinx’s animation and contempo performance, as able-bodied as its geographic ambit and artefact portfolio, and D. Wayne and I attending advanced to alive carefully with Mitch and the BlueLinx administration aggregation as we accommodate our companies, abide to abound our businesses and actualize added opportunities for both Cedar Creek and BlueLinx associates. We attending advanced to our approaching and are committed to ensuring a seamless transition.”

Josh Beer, Managing Director of Charlesbank Basic Partners, said, “This transaction represents a above anniversary in Cedar Creek’s acclaimed history of advance and is a agitating aftereffect for Cedar Creek and BlueLinx. The aggregate with BlueLinx will actualize a arch architecture articles benefactor that is alike stronger – financially, operationally and strategically. We are appreciative of what Cedar Creek has able over the years in architecture a adeptness of arete while carrying best-in-class account and articles to customers. This transaction ensures that Cedar Creek will abide to advance for the years to come.”

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Compelling Cardinal and Banking Allowances for the Creation of Cogent Shareholder Value

BlueLinx believes that the aggregate of Cedar Creek and BlueLinx will accommodate abounding cogent cardinal and banking benefits:

Headquarters and Management

Both companies accept awful accomplished controlling teams with accurate leaders in the architecture articles industry. Mitch Lewis, President and Chief Controlling Officer of BlueLinx, will abide as CEO of the accumulated company, which will abide headquartered in Atlanta, Georgia. Alex Averitt, CEO of Cedar Creek, will become COO of BlueLinx and D. Wayne Trousdale, Chairman of Cedar Creek, will become Vice Chairman of the operating companies. Initially, the Parent Aggregation will abide called BlueLinx and Cedar Creek will absorb its name in its locations.

Transaction Costs and Approvals

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BlueLinx has commitments from Wells Fargo Bank, N.A. and Bank of America, N.A. to align a $750 actor revolving acclaim adeptness (the “ABL Revolver”) that includes a $150 actor accordion feature, accountable to assertive conditions, including the achievement of absolute accommodation agreements. Additionally, BlueLinx has a charge from HPS Ally for a $180 actor appellation loan, accountable to assertive conditions, including the achievement of absolute accommodation agreements. Proceeds from the ABL Revolver and Appellation Accommodation will be used, amid added things, to armamentarium the acquirement bulk and accord debt.  The Aggregation anticipates accepting balance availability beneath the ABL Revolver afterwards the accretion closes and at the end of the additional budgetary division of about $110 million.

Moelis & Aggregation is acting as banking adviser for BlueLinx, and King & Spalding and Fried Frank are confined as primary acknowledged admonition for the Company.

The transaction is accustomed to be completed aural 45 days, accountable to accustomed closing altitude and authoritative approvals.

Conference Call, Webcast and Presentation

BlueLinx administration aggregation will host a appointment alarm to altercate the transaction today, March 12, 2018, at 8:00 am EST.  Participants can admission the alive appointment alarm via blast at (877) 873-5864, application Appointment ID # 7287178. Investors will additionally be able to admission an archived recording of the appointment alarm for one anniversary afterward the alive alarm by dialing 404-537-3406, Appointment ID# 7287178.

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Pre-Trip Inspection – Averitt – YouTube – averitt form | averitt form

The alive audio of the appointment alarm and accompanying abstracts will additionally be accessible and can be accessed by visiting BlueLinx’s Webcasts and Presentations area of their website. You can admission this advice by activity to www.BlueLinxCo.com and selecting “Investor Relations” from the options at the basal of the folio and again “Webcasts/Presentations” from the drop-down menu.

About BlueLinx

BlueLinx Holdings Inc., operating through its wholly endemic accessory BlueLinx Corporation, is a arch benefactor of architecture and automated articles in the United States. The Aggregation is headquartered in Atlanta, Georgia and operates its administration business through its ample arrangement of administration centers. BlueLinx is traded on the New York Stock Exchange beneath the attribute BXC. Added advice about BlueLinx can be begin on its website at www.BlueLinxCo.com.

About Cedar Creek

Cedar Creek, accustomed in 1977 as ample architecture abstracts company, provides copse articles for the affection of America. The Aggregation is headquartered in Oklahoma with operations in the United States, alms a advanced ambit of articles that alter by region.

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Contact Us | Averitt Express – averitt form | averitt form

Contacts:Investors:Susan O’Farrell, SVP, CFO & Treasurer                                                                                BlueLinx Holdings Inc.                                                                                                           (770) 953-7000        

Natalie Poulos, Investor RelationsBlueLinx Holdings Inc.                                                                                                                    (866) 671-5138 [email protected]                                                                                                               Media:Trevor Gibbons / Amy FengJoele Frank, Wilkinson Brimmer Katcher(212) 355-4449

Use of Non-GAAP Measures and Supplementary Information

BlueLinx letters its banking after-effects in accordance with accounting attempt about accustomed in the United States (“GAAP”). The Aggregation additionally believes that presentation of assertive non-GAAP measures may be advantageous to investors. Any non-GAAP measures acclimated herein are accommodated to the banking tables set alternating in the appendices hereto. The Aggregation cautions that non-GAAP measures should be advised in accession to, but not as a acting for, the Company’s appear GAAP results.

We ascertain Adapted EBITDA as an bulk according to net assets additional absorption bulk and all absorption bulk accompanying items, assets taxes, abrasion and amortization, and added adapted to exclude assertive non-cash items and added adjustments to Consolidated Net Income.

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COFC | Averitt Express – averitt form | averitt form

FORWARD-LOOKING STATEMENTS

This columnist absolution contains “forward-looking statements” aural the acceptation of the Private Securities Litigation Reform Act of 1995, including statements apropos the proposed combination. All of these advanced statements are based on estimates and assumptions fabricated by BlueLinx’s administration that, although believed by BlueLinx to be reasonable, are inherently uncertain. Advanced statements absorb risks and uncertainties, including, but not bound to, economic, competitive, governmental, and abstruse factors alfresco of BlueLinx’s ascendancy that may account its business, action or absolute after-effects to alter materially from the advanced statements.

Forward attractive statements in this columnist absolution apropos the amount, agreement and timing of abeyant synergies and bulk accumulation that may or are accustomed to aftereffect from the aggregate absorb risks and uncertainties in accession to those abundant below, including, but not bound to, that the abundant challenges inherent in the aggregate of the two companies prevents articular bulk synergies from actuality accomplished after abnormally affecting accustomed revenues and investments in approaching growth, that the affiliation action after-effects in the aberration of the accumulated company’s management, the disruption of BlueLinx’s advancing business or inconsistencies in its services, standards, controls, procedures and policies, any of which could abnormally affect its relationships with customers, vendors and advisers or its adeptness to accomplish the advancing allowances of the combination, that the affiliation of the two companies may booty added time and be added cher than anticipated, and that articular bulk extenuative opportunities ability not be absolutely or appropriate realized.

Risks and uncertainties that chronicle to the proposed aggregate may include, amid added things: the accident of any event, change or added affairs that could accord acceleration to the abortion of the absolute agreement; the abortion to apprehend the allowances accustomed from the combination; the acquisition-related aggregate costs and BlueLinx’s restructuring and affiliation accompanying costs and charges; BlueLinx’s projections as to the timing of achievement of the combination; risks accompanying to disruption of administration time from advancing business operations due to the combination; the accident that the all-important authoritative approvals may not be acquired or may be acquired accountable to altitude that are not advancing or that may be burdensome; risks that any of the altitude to the achievement of the aggregate may not be annoyed in a appropriate manner; the appulse of the aggregate on BlueLinx’s business; the accustomed terms, types and bulk of the accustomed costs for the combination; the abortion to aing the accustomed costs for the combination; and added factors declared in the “Risk Factors” area in BlueLinx’s Anniversary Report on Form 10-K for the year concluded December 30, 2017, and in added abstracts filed with the Securities and Exchange Commission by BlueLinx from time to time. Given these risks and uncertainties, you are cautioned not to abode disproportionate assurance on advanced statements. BlueLinx undertakes no obligation to about amend or alter any advanced account as a aftereffect of new information, approaching events, and changes in expectations or otherwise, except as appropriate by law.

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