Homewood Acquires Assets of Building Supply and Lumber Co.
SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov 6, 2018--Homewood Holdings, LLC (“Homewood Holdings”), a portfolio company of private equity investment firm, Building Industry Partners (“BIP”), announced the acquisition of select assets of Building Supply and Lumber Co., Inc. (“Building Supply and Lumber”).
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Founded in 1946, Building Supply and Lumber is an independent lumber and building materials “pro dealer” that serves custom and commercial homebuilders as well as remodel/repair contractors throughout the Northern California market. Building Supply and Lumber will be the third business acquired under the Homewood Holdings umbrella, since the formation of Homewood Holdings in early 2016 by BIP and building industry veteran, Jim Stockman.
Building Supply and Lumber’s former owner, Stan McMaster, will work with Homewood as a consultant to continue servicing the Northern California LBM market and help grow Homewood’s market share in the pro dealer segment. The transaction enables Stan to transition into retirement, following a long and successful career spent building one of the area’s leading LBM distributors.
The acquisition adds to Homewood’s Northern California LBM footprint and expands its customer base of homebuilders and contractors, while benefiting from Building Supply and Lumber’s longtime customer relationships and expertise. In addition to Building Supply and Lumber, Homewood Holdings consists of Homewood Building Supply, based in greater Sacramento, CA, and Evergreen Lumber, based in greater Seattle, WA.
Jim Stockman, CEO of Homewood Holdings, commented, “We’ve known and respected Stan for many years, and this acquisition helps accelerate Homewood’s growth plan and adds highly valuable customer relationships to our organization.”
Homewood Holdings is actively seeking to partner with, and/or acquire, additional strong independent pro dealer organizations throughout California and the Pacific Northwest.
Background of Building Industry Partners
Building Industry Partners (“BIP”) is the leading private equity investment firm focused on the U.S. building industry. Founded in 2008, BIP is managed by its Managing Partners, Matt Ogden and Zach Coopersmith. BIP invests its principals’ own capital, as well as that of a small number of like-minded family office and individual limited partners, including accomplished active and retired building industry entrepreneurs. Through its Operator Advisory Board, BIP maintains the financial sponsor industry’s leading proprietary network of active and retired building products industry operators, thought leaders and service providers that support the firm’s industry-focused proprietary opportunity sourcing, due diligence and portfolio company value creation efforts.
BIP invests via an “Operator First” model, serving as an equity capital partner to support proven building products industry leaders to build leading businesses in their respective market niches. To this end, BIP provides equity capital to: (1) proven owner-operators of niche-focused building products manufacturers, distributors and specialty service companies seeking capital for growth, liquidity and/or partial ownership transition and (2) proven building industry operators and entrepreneurs seeking to build a business within their niche of expertise, primarily via acquisition of a platform company and execution of organic and/or “buy & build” growth strategies. The firm focuses on both majority and minority ownership investments involving platform companies with $20 to $250 million in revenues, as well as smaller companies with unique growth opportunities or as part of larger niche “buy & build” acquisition strategies.
BIP principals have co-founded and/or served as the equity capital sponsor for a number of the building products industry’s leading middle-market companies and operators:U.S. LBM Holdings, in partnership with L.T. Gibson, BlackEagle Partners and team Kodiak Building Partners, in partnership with Paul Hylbert, Steve Swinney and team Rugby Architectural Building Products, in partnership with David Hughes, Drew Dickinson and team United Cabinet Holdings, in partnership with Butch Reimer and team Building Industry Advisors, in partnership with Michael Collins, Walt Kurek and team Homewood Holdings, in partnership with Jim Stockman, Scott Blackburn and team U.S. Fence Solutions, in partnership with Andrew Reed, Steve Stanley, Jeff Cook, Jim Bockelmann, and team
BIP continues to seek opportunities to sponsor the building products industry’s best and brightest operators in realizing their entrepreneurial visions. To learn more, visit www.buildingip.com
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CONTACT: Building Industry Partners
Zach Coopersmith, 212-292-4357
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Building Industry Partners
Copyright Business Wire 2018.
PUB: 11/06/2018 07:00 AM/DISC: 11/06/2018 07:01 AM