US LBM was founded in 2009 when BIP principals partnered with pro dealer industry veteran L.T. Gibson and co-sponsor Black Eagle Partners, supporting L.T.'s entrepreneurial vision beginning with the management buyout of four divisions of his employer, Stock Building Supply.
Through an investment thesis focused on acquiring local market-leading independent pro dealers and using a highly autonomous operating model that preserved subsidiaries' local brands, leadership, and relationships, US LBM grew sales from $150 million to over $3.0 billion by 2018 — becoming one of the fastest-growing national pro dealer organizations in LBM history.
BIP principals formed the initial investment thesis and founding management team, sourced numerous early acquisitions, and provided strategic guidance in a minority equity sponsor role, reinvesting through several rounds including a 2015 recapitalization with Kelso & Company. In 2017, US LBM filed an S-1 registration statement for an initial public offering.
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