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Building Materials Firm Files for IPO

Foundation Building Materials Inc., a Tustin-based distributor of wallboard and suspended ceiling systems, among other items, filed for an initial public offering. It’s looking to raise up to $100 million, according to documents filed with the Securities and Exchange Commission.

Proceeds would be used to pay debt and for working capital and other general corporate purposes. The company had more than $700 million in debt as of September, regulatory filings show.

It intends to list its common stock on the New York Stock Exchange under FBM.

Dallas-based private equity firm Lone Star Funds would continue to be the company’s largest investor after the IPO, filings show.

Foundation was founded in 2011 and has since pursued an aggressive acquisition strategy, particularly over the past three years. The company began with a single branch in Southern California and now has 210 branches in the United States and Canada. Its net 2013 sales were $113.7 million; Foundation reported pro forma net sales of $1.4 billion for the nine months ended Sept. 30.

Its main line of business consists of distributing wallboard, metal framing, suspended ceiling systems and other products to contractors that install them in commercial and residential buildings for new construction and repair and remodeling projects.

— Mark Mueller

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