Baillie Lumber makes acquisition
Baillie Lumber, the Hamburg, N.Y.-based producer of hardwood lumber, has purchased Wagner Lumber of Owego, N.Y. The purchase price was not disclosed.
According to its website, Wagner Lumber is the largest manufacturer of hardwood lumber in the northeast United States, with an annual total production of 60 million board feet. It operates three sawmills and one log yard in New York State.
Baillie Lumber is a manufacturer, distributor and exporter of hardwood logs, lumber and proprietary grade hardwood lumber products. It operates seven facilities throughout the eastern United States.
Matrix Capital Markets Group, a middle-market investment bank headquartered in Richmond, Va., served as exclusive financial adviser to Wagner.
Sales, profits grow at AERT
Advanced Environmental Recycling Technologies (AERT), the makers of ChoiceDek and MoisureShield brand decking, reported sales of $23.6 million for its second fiscal quarter, up 34% from sales of $17.6 million in the same quarter of 2011.
Both the ChoiceDek and MoistureShield products, which are made from recycled polyethylene plastic and wood fiber waste, contributed to the sales volume growth, according to the company, with increases to existing customers and additional MoistureShield distribution. Limited sales of green resins (recycled plastic) were also initiated during the period.
Net operating income for the second quarter was $2.3 million, a $2.1 million increase from the quarter ended June 30, 2011.
Commenting on the results, CEO Joe Brooks said: "Our sales continue to grow as a result of increased distribution and customer sell-through efforts to a wider customer base. International sales also are growing. Our AERT team has successfully introduced several new products this year, with more on the horizon.”
Phase II of the company’s Watts, Okla., recycling facility is nearing completion, and AERT expects to increase sales of recycled plastic to other manufacturers.
AERT sells its ChoiceDek decking and railing products exclusively through Lowe’s. The company’s MoistureShield decking program is expanding, and products are now available throughout the United States.
BlueLinx board member departs
BlueLinx Holdings, the Atlanta-based distributor of building materials, announced in an Aug. 10 Securities and Exchange [SEC] filing that board member Robert Warden has submitted his resignation, effective Aug. 6.
The reason given was that Warden has also resigned from Cerberus ABP Investor, the largest stockholder of BlueLinx Holdings. Warden was a managing director at Cerberus.
Bloomberg and other news outlets reported on Friday that Warden has joined Pamplona Capital Management as a partner in New York. Based in London, Pamplona oversees $6 billion in assets, including hedge funds and private equity. The firm is backed by Russian billionaire Mikhail Fridman, according to Bloomberg.