McBride & Son Cos. says it is spinning off its Builder’s Bloc Division to a group of employees.
Kevin Deptula, president of Builder’s Bloc, and administrators will buy the division from McBride & Son through a leveraged ESOP, the company said. The new venture will be owned by the current employees of Builder’s Bloc.
McBride was founded in 1946 primarily as a contracting company. Home building operations later surpassed the company's contracting business in size and as a brand. In 1995, McBride & Son Contracting was renamed Builder’s Bloc.
The division, which provides carpentry, foundations, flatwork, plumbing and drywall services, has 500 tradesmen and 2014 revenue of $45 million.
Deptula said in a statement that by becoming an indepdendent contractor, Builder's Bloc is free to expand its business beyond McBride & Son Homes.
People are also reading…
The closing between the companies will occur either at the end of this month or early next year, said McBride, adding that Builder’s Bloc will move out of McBride's Chesterfield headquarters on Dec. 31.
