Houchens Industries aquires
interest in Stephens Pipe & Steel



April 30 2008 – Houchens Industries, Inc. announced today it has acquired a 50% interest in Stephens Pipe & Steel, LLC, a full service fence materials distributions company headquartered in Russell Springs, Kentucky.

“Stephens Pipe & Steel is the largest domestically owned fence distributor in the United States. It has 9 locations and over 900 employees. We are very impressed with the management team and are glad to have the opportunity to invest in another Kentucky-based company,” said Spencer Coates, President of Houchens.

 

“Terry Stephens has done a fantastic job building Stephens Pipe & Steel into the fastest growing fence distributor in the country. We have a great deal of respect for Terry and the job he has done, and we are confident he will continue to lead the company to even greater success in the future,” said Jimmie Gipson, Chairman of Houchens.

 

“I am excited about this transaction and the opportunity to partner with Houchens. We have plans to take the company to the next level and are excited about what this means for the future of Stephens Pipe & Steel,” said Terry Stephens, CEO of Stephens Pipe & Steel.

 

Houchens emphasized that Stephens Pipe & Steel, LLC will retain its name, employees and management team and that Terry Stephens will continue as an equal owner in the company. The Company will remain headquartered in Russell Springs, Kentucky.

 

Stephens Pipe has more than 900 employees at 9 locations in the following cities and states: Russell Springs, Kentucky; Greensboro, North Carolina; Hayden, Alabama; Wyoming, Michigan; Mount Sterling, Ohio; Melbourne, Florida; Port Allen, Louisiana; Bladensburg, Maryland; and Manchester, Connecticut. It serves 4,000 customers and manufactures chain link fence fabric, operates a powder coating operation and manufactures and distributes all types of ornamental fencing, pvc fence, game fence, dog kennels, security systems and a variety of agricultural products. It has the largest fencing inventory in the industry and a fleet of 100 delivery trucks.

 

Established in 1917 in Glasgow, Kentucky, Houchens Industries, Inc., is one of the largest 100% employee owned companies in the United States and currently operates businesses in Insurance, Manufacturing, Web Development, Retail Grocery and Convenience Stores, Quick-to-Service Restaurants, Construction, Paving, Trucking, Recycling, Tanning Supply Distribution, Optical Stores, Financial Services and Property Management. Houchens’ companies employ more than 13,300 people.

 

Media Contact:

Alan Larsen

Office phone: (270) 780-2848

Mobile phone: (270) 535-9721

Houchens Industries, Inc.

700 Church Street

Bowling Green, KY