ATLANTA, Aug. 28, 2017 (GLOBE NEWSWIRE) -- BlueLinx Holdings, Inc. (NYSE:BXC) (the “Company” or “BlueLinx”), a leading distributor of building and industrial products in the United States, today announced it has filed a shelf registration statement with the Securities and Exchange Commission (the "SEC"). The filing, if and when declared effective by the SEC, will register all 4,713,826 shares of the Company’s common stock beneficially owned by funds and accounts managed by Cerberus Capital Management, L.P. or its affiliates (“Cerberus”), as requested by Cerberus pursuant to an existing registration rights agreement with the Company. Registration of the shares does not necessarily mean, however, that those shares will be offered or sold. BlueLinx will not sell any shares pursuant to the registration statement and will not receive any proceeds from any sale of the Company’s shares held by Cerberus.
Mitch Lewis, President and CEO of BlueLinx, commented on the announcement saying “Cerberus has been an excellent investor and partner with BlueLinx over the last 14 years. We appreciate both their partnership and support over the years.”
“We have enjoyed our long-term relationship with BlueLinx and its management team. In our view, the Company has significant asset value, is well-managed and is well-positioned to take full advantage of the ongoing housing recovery, as well as potential consolidation in the industry,” said Steven F. Mayer, Co-Global Head of Private Equity and Senior Managing Director at Cerberus. “We have owned an interest in BlueLinx since 2004, and we requested the Company to register our shares so that we could consider opportunities to return our invested capital.”
Although various methods of offering shares are provided for in the registration statement, Cerberus currently intends that its initial sale of shares will be through an underwritten offering; however, there can be no assurances that the sales will occur through such an offering. The identity of any underwriter and the specific plan of distribution for an offering will be described in one or more prospectus supplements from time to time.
Mr. Lewis added, “We view the Cerberus request to register its shares as a tremendous opportunity to potentially increase the public float of our stock and an inflection point for BlueLinx. We will continue our efforts to capitalize on the value of our owned real property and deleverage the Company while focusing on the myriad of operational improvements that we are already implementing.”
A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About BlueLinx Holdings, Inc.
BlueLinx Holdings, Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building and industrial products in the United States. The Company is headquartered in Atlanta, Georgia and operates its distribution business through its broad network of distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its website at www.BlueLinxCo.com.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to return to profitability, and our guidance regarding anticipated financial results. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, and technological factors outside of BlueLinx’s control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the prices, supply and/or demand for products that it distributes, general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital and interest rates; adverse weather patterns or conditions; acts of cyber intrusion; variations in the performance of the financial markets, including the credit markets; and other factors described in the “Risk Factors” section in the Form S-3 filed on August 25, 2017, the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, its Quarterly Reports on Form 10-Q, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, and changes in expectation or otherwise, except as required by law.
BlueLinx Contact Information: BlueLinx Holdings, Inc. (866) 671-5138 Investor@bluelinxco.com