Building Industry Advisors Research
Advisory Approach
Building Industry Advisors (BIA) is a specialized middle-market investment banking boutique with an unwavering focus on the building products industry. Founded in 2012 by Michael Collins and Walt Kurek, BIA operates with a clear thesis: building products companies benefit from advisors who intimately understand the industry, maintain extensive networks within the sector, and bring deep transactional expertise specific to the unique characteristics of building products M&A. The firm positions itself as a "Buttonwood Tree for the Building Products Industry" — a central meeting place and virtual capital market where buyers, sellers, and capital providers can efficiently transact in a fragmented, primarily privately-held industry.
BIA's approach combines extensive knowledge of and contacts in the building products industry with persistence and thorough understanding of deal structure and execution. The firm emphasizes that their dedicated focus on a single industry (not generalists covering multiple sectors) provides significant tangible benefits to clients, particularly in accurately valuing companies and identifying optimal transaction partners within their proprietary network.
Sector Focus and Specialization
Building Industry Advisors maintains deep expertise across the full spectrum of building products segments. Their core focus areas include:
Building Components & Manufacturing: Windows, doors, commercial glazing systems, vinyl profiles, engineered wood products, millwork, and specialty building components. The firm has particular depth in analyzing these manufacturers, having published benchmark surveys for the window and door industry, conducted semi-annual industry webinars, and tracked competitive dynamics including foreign competition across a dozen building products segments.
Roofing, Siding & Exterior Products: Roofing systems, siding, decking, railing, and related exterior building products. The firm actively tracks and advises on transactions in this segment, including specialty materials and installed product lines.
Building Materials Distribution: Lumber and building materials (LBM) pro dealers and specialty distributors. BIA has facilitated numerous acquisitions of independent LBM businesses by platform companies and PE-backed consolidators, demonstrating expertise in valuing distributor operations, understanding customer relationships, and structuring roll-up acquisitions.
Kitchen & Bath / Cabinetry: Cabinet manufacturers and specialty kitchen and bath product companies, a natural fit given the building products focus.
Flooring & Interior Finishes: Flooring manufacturers and installation products, part of the broader building products ecosystem.
Deal Track Record and Transaction Experience
Building Industry Advisors has completed transactions across all major building products segments and company types. Representative transactions include:
Gregory Door & Window (2024): Advised on acquisition by US LBM Holdings. This transaction demonstrates BIA's continued activity in the windows and doors segment as of 2024.
Oldham Lumber (2021): Exclusive advisor to Oldham Lumber Company (founded 1921) on its acquisition by US LBM Holdings. Oldham operated two 10-12 acre yards serving professional builders across North Texas, generating $100M+ in annual revenue. This transaction shows BIA's expertise in representing independent lumber distributors in sales to larger national platforms.
Warner Robins Building Supply Co. (2021): Introduced the Warner Robins family of companies (three entities: Warner Robins Building Supply Co., Henson Building Materials, Mountain Building Supply — founded 1947, $80M+ revenue, 190+ employees) to Building Industry Partners (BIP), resulting in the formation of Southeast LBM platform. Michael Collins and Walt Kurek facilitated this succession planning transaction.
Homewood Holdings Acquisitions (2016-2018): Advised on multiple acquisitions for Homewood Holdings, a BIP portfolio company and platform builder in the LBM space:
- Building Supply and Lumber Co., Inc. (Northern California, 1946-founded)
- Evergreen Lumber (Seattle area) These transactions show BIA's role in sourcing and structuring multiple-unit build-out acquisitions.
U.S. Fence Solutions / Binford Supply (2017): Served as advisor to the transaction, working with Michael Collins and Walt Kurek. This demonstrates BIA's advisory scope beyond lumber to specialty building product segments (fencing).
The firm's transaction experience covers the full spectrum of middle-market deal structures: pure sell-side advisory (representing sellers), acquisitions advisory (helping buyers source targets), recapitalizations, ESOP structures, and capital placements. Deal sizes have ranged from $20M to $250M+ in enterprise value, with the firm's sweet spot in the $30M-$150M range based on observed transactions.
Buyer Network and Private Equity Relationships
Building Industry Advisors maintains strong relationships with leading building industry-focused private equity firms and strategic acquirers. Observed PE relationships include:
- Building Industry Partners (BIP) — Founded 2008 by Matt Ogden, BIP is the industry-leading building products PE firm with over $1B+ in capital deployed. BIA has a deeply embedded relationship with BIP (BIA is a BIP portfolio company), and has sourced and facilitated multiple platform and add-on acquisitions for BIP portfolio companies including Homewood Holdings, U.S. Fence Solutions, and others.
- US LBM Holdings — National LBM platform with aggressive acquisition strategy. BIA has referred multiple targets including Oldham Lumber, Gregory Door & Window.
- Kodiak Building Partners — Building products PE firm focused on add-on acquisitions.
- Strategic Acquirers — Large national and regional builders, wholesalers, and manufacturers seeking acquisition targets.
BIA's role as a BIP portfolio company itself speaks to the firm's credibility and success within the building products ecosystem. The fact that BIP acquired a stake in BIA (suggesting revenue sharing or carried interest participation) validates the firm's performance and market position.
Process and Fee Structure
Building Industry Advisors follows a structured, professional transaction process emphasizing confidentiality, valuation expertise, and thorough buyer identification:
Process Characteristics:
- Begins each transaction with a broad group of potential transaction partners to maintain competitiveness
- Leverages extensive network of contacts among acquirers, acquisition targets, and capital providers
- Places significant emphasis on confidentiality throughout the process
- Handles document compilation, due diligence coordination, and closing logistics
- Partners with clients' tax, legal, and financial advisors
- Overcomes obstacles through persistence, past transaction experience, and relationship network
Deal Timeline: Typical transactions range 6-12 months from engagement to close, consistent with institutional middle-market sell-side processes.
Fee Structure: While BIA does not publicly disclose fees on their website, the firm's participation in multiple PE-backed transactions and its positioning in the middle-market suggests alignment with standard LMM banking economics. Likely engagement structure includes retainer + success fee model, though specific percentages are not disclosed publicly. The firm's participation as a BIP portfolio company suggests economics are strong enough to justify ongoing capital investment.
Competitive Positioning
Building Industry Advisors differentiates through:
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Deep Industry Expertise: Unlike generalist banks covering multiple sectors, BIA's every professional brings focused building products knowledge. Michael Collins has been publishing industry research and speaking at industry conferences for 15+ years, establishing thought leadership.
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Proprietary Network: The firm maintains extensive relationships among building products companies, PE buyers, strategic acquirers, and capital providers. This network is difficult to replicate and directly benefits clients through improved buyer identification and valuation benchmarking.
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Valuation Expertise: The firm's intensive focus on a single industry provides comprehensive understanding of market valuations for companies in various segments, sizes, growth profiles, and profitability levels. This deep knowledge directly improves outcomes for sellers.
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Transaction Persistence: A stated competitive advantage is the firm's ability to overcome obstacles and resistance points that emerge during transactions — not through aggressive tactics, but through persistence, relationship leverage, and creative structuring.
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Affiliated Capital Access: BIA's relationship with BIP and other portfolio companies provides seller clients with direct access to growth capital, enabling recapitalizations, minority sales, ESOP structures, and other creative transactions beyond pure M&A exits.
Team and Expertise
Michael E. Collins, Managing Director: Michael is a partner and founding Managing Director leading BIA's building products M&A advisory and capital placement practice. His background combines investment management experience (Dean Witter Reynolds, Morgan Stanley Private Wealth Management) with deep middle-market M&A experience at Jordan, Knauff & Company. Extensive publication and speaking history on building products industry trends, including:
- Benchmark surveys for the window and door industry
- Semi-annual industry webinars
- Industry conference speaking engagements
- Regular contributor to industry publications
- Research on foreign competition and market dynamics Education: BS in Business Administration / Finance (Central Michigan University, 1994); MBA with emphasis on finance and entrepreneurship (University of Chicago, 2004) Based in Chicago office. Direct involvement in major transactions including Warner Robins, Oldham Lumber, Homewood acquisitions, Gregory Door & Window.
Walter S. Kurek, Managing Director: Walt brings 30+ years of executive, investment banking, and transactional experience to BIA. Career spanning:
- Arthur Andersen Enterprise Group (focus on $10M-$100M private companies)
- Principal in leveraged buyout of manufacturing company
- Principal at boutique investment bank focused on rental industry consolidation
- Involvement with 100+ middle-market company transactions Certifications: CPA, MBA in Finance and Marketing (University of Chicago) Board service across private, public, and civic organizations Direct involvement in major transactions including Warner Robins (with Michael Collins), multiple Homewood Holdings acquisitions, Binford Supply / U.S. Fence Solutions transaction. Based in Chicago area (Hinsdale, IL).
Matthew I. Ogden, Shareholder & Advisor: Matt serves as Shareholder and Advisor to BIA while serving as Founder and Managing Principal of Building Industry Partners (BIP), the leading PE firm in the building industry. His career spans private equity investing (Brazos Private Equity, Rainwater Inc., Natural Gas Partners), investment banking, and corporate operations roles. Connection to BIA provides both capital access for client transactions and institutional credibility.
Geographic Coverage and Market Presence
Primarily Chicago-based with national reach through advisor network and relationships. Michael Collins and Walt Kurek both based in Chicago area. Matt Ogden based in Fort Worth, TX (BIP headquarters), extending reach to southwestern U.S. markets.
Client base includes companies across the full U.S., with demonstrated activity in:
- Midwest (Illinois, Ohio, Indiana — home base)
- Southeast (Georgia, North Carolina, South Carolina — Warner Robins, Southeast LBM transactions)
- Texas (Fort Worth area, Dallas-Fort Worth, Gulf Coast — Kodiak, BIP relationships)
- California (Northern and Central — Homewood Holdings, Evergreen Lumber)
- Pacific Northwest (Seattle area — Evergreen Lumber)
Not a Fit If
Based on observed transaction profile, Building Industry Advisors typically declines:
- Non-building products companies (thesis is vertical specialization)
- Companies below $15-20M in EBITDA or $50M+ in revenue (focus is middle-market, not very small)
- Transactions requiring immediate close (preference for 6-12 month thorough process)
- Non-going concern sales or asset liquidations
- Sellers seeking quick market testing without process rigor
Summary
Building Industry Advisors has established itself as the premier M&A advisory firm serving the middle-market building products industry. The combination of deep vertical expertise, extensive proprietary networks, proven transaction experience, and affiliation with leading industry PE and operating companies makes BIA a natural choice for building products companies considering strategic transactions, capital raises, or succession planning. The firm's track record over the past 12+ years demonstrates consistent transaction activity and successful outcomes across all major building products segments.