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Subsequent Event
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6 Months Ended |
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Jun. 30, 2014
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| Subsequent Event | 10. Subsequent Event On July 31, 2014 the Company acquired certain assets and the operations of West Orange Lumber Company, Inc. (“West Orange”) for cash consideration of $9.8 million (including certain adjustments). The accounting for this acquisition has not been completed at the date of this filing given the proximity to the acquisition date. Based in Groveland, Florida, West Orange supplies lumber, roof and floor trusses, custom windows and doors, as well as installation services, to both residential homebuilders and commercial contractors in the Central Florida region. The acquisition will be accounted for by the acquisition method, and accordingly the results of operations will be included in the Company’s consolidated financial statements from the acquisition date. The purchase price will be allocated to the assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. On July 31, 2014 we borrowed $30.0 million under our $175.0 million senior secured revolving credit facility (“2013 facility”) at an interest rate of 1.98%. Amounts borrowed under our 2013 facility will be used to fund working capital needs and potential future acquisitions. |