BuildDirect Ushers in Next Era of Home Improvement Following $20.5M Private Placement
Successfully completed TSX Venture Exchange RTO values BuildDirect at $160M
VANCOUVER, BC, Aug. 18, 2021 /CNW/ - BuildDirect.com Technologies Inc. (TSXV: BILD) ("BuildDirect" or "Company") is pleased to announce that it has begun its first day trading as a public company, listed under the ticker symbol "BILD" on the TSX Venture Exchange (the "TSXV"). As an innovative platform for purchasing and selling building materials online, BuildDirect is poised to help accelerate the rapid transformation of the home improvement products industry and how professionals and homeowners alike, approach their home improvement projects.
"Our mission has been to transform the home renovation industry through an unmatched set of offerings to serve flooring customers better than anyone else in the industry, with a particular focus on the Pro segment," said Dan Park, CEO of BuildDirect. "BuildDirect is an innovative technology platform for the home improvement industry, bringing a differentiated omni-channel offering to the lucrative and underserved market of home improvement professionals. We are excited to contribute to a paradigm shift in the industry and drive this impact forward for years to come."
BuildDirect's growth strategy is centered on enhancing the home improvement industry, using technology to give customers a better, more simplified experience. BuildDirect's platform is positioned to quickly deliver a full assortment of building materials to a jobsite or to the home with a focus on the end-to-end floor buying experience through its easy-to-use website www.builddirect.com, best in industry selection breadth, direct from manufacturer pricing, proprietary heavyweight supply chain, as well as hands-on and knowledgeable customer support.
Following a year of significant growth in the home improvement products industry driven by a shift towards investment in the home, as well as record breaking online growth in building material purchases, in 2020 BuildDirect saw online building material sales grow more than 30% year-over-year.
An addressable market of approximately $71 billion in the U.S. flooring segment provides significant runway for growth. This large and growing market, combined with a strategy of anchoring BuildDirect's presence in local markets by acquiring successful brick and mortar operations, provides the Company an opportunity to consolidate a fragmented supplier and customer base. This DiPhy (digital + physical) growth strategy – pivoting from e-Commerce to an expansive omni-channel offering combines its technology and heavyweight delivery platform with the localized relationships, service and product knowledge of the established independent retailers which will drive growth to better serve the Company's customers.
"Becoming a publicly traded company is an important milestone for BuildDirect, however, we believe our best days are ahead of us as we leverage our digital platform, expand our reach into bricks and mortar independent retailers and capture B2B professionals," added Dan Park. "We've been doing this for a long time, but the future has never looked so bright for the home improvement industry and for BuildDirect."
Today's news follows BuildDirect's announcement on August 6, 2021, regarding the Company's filing statement and receipt of conditional approval.
About BuildDirect
BuildDirect (TSXV: BILD) is an innovative technology platform for purchasing and selling building materials online. The BuildDirect platform connects homeowners and home improvement professionals in North America with suppliers and sellers of quality building materials from around the world, including flooring, tile, decking and more. BuildDirect's year-over-year growth, proprietary heavyweight delivery network, and digital reach have served to solidify its role as a ground-breaking player in the home improvement industry. For more information, visit www.BuildDirect.com.
Forward-Looking Information:
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. These statements reflect management's current beliefs and expectations and are based on information currently available to management as at the date hereof.
Forward-looking statements in this press release may include, without limitation, statements relating to the Company's leadership as a marketplace for purchasing and selling building materials online; the potential rapid transformation of the home improvement products industry; other paradigm shifts; how professionals and homeowners approach their home improvement projects; the Company's ability to increase momentum, enhance its e-commerce capabilities, accomplish strategic growth and expansion, influence industry and assert stability in the industry through the access, variety, convenience and efficiency offered through our digital platform; and the Company's positioning as a much needed access point and resource for retailers, contractors, professionals and homeowners.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations and changes in general economic, business and political conditions. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions, including COVID-19.
These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE BuildDirect.com Technologies Inc.
Investor Relations, Ashley Nuell, [email protected]; Media Relations, Jen Hazell, [email protected]
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