US LBM, a distributor national of specialty building materials, announced on October 16 the signing of a definitive agreement for Platinum Equity to acquire a stake in the company from Bain Capital Private Equity.
A company news release said that Bain Capital and Platinum Equity will have equal ownership stakes and joint board governance. US LBM will continue under the leadership of Founder, President and CEO L.T. Gibson and the current management team. Financial terms of the private transaction were not disclosed.