Bowling Green’s Houchens Industries continues to add to its diverse portfolio of enterprises, announcing Wednesday that it has purchased a 50 percent interest in a Russell Springs fence materials distribution company.

Stephens Pipe & Steel LLC is reportedly the largest domestically owned fence distributor in the United States with nine locations and more than 900 employees.

Terms of the deal were not disclosed, but the sale closed Wednesday, said Alan Larsen, Houchens director of marketing and merchandising.

Stephens Pipe & Steel LLC will retain its name, employees and management team and CEO Terry Stephens will continue as an equal owner in the company. It will remain headquartered in Russell Springs.

Employee-owned Houchens has diversified its holdings after selling tobacco subsidiary Commonwealth Brands to Imperial Tobacco Group PLC for $1.9 billion in 2007. The Bowling Green conglomerate last month signed a letter of intent to buy Jasper, Ind.-based Buehler Foods Inc., operator of 22 grocery stores in Illinois, Indiana and Kentucky. Houchens has made acquisitions in industries as diverse as financial services and sun tan product distribution and owns more than 200 grocery stores.

“(Houchens) is always looking for ways to increase shareholder value,” Larsen said. “One of our more recent additions was (New York-based) Cohen Optical, so this is very much in line with the vein of diversification.”

Stephens Pipe 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. In addition to Russell Springs, it has operations in North Carolina, Alabama, Wyoming, Michigan, Ohio, Florida, Louisiana, Maryland and Connecticut.

“We are very impressed with the management team and are glad to have the opportunity to invest in another Kentucky-based company,” said Houchens President Spencer Coates in a news release.

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