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09/08/2021

Hancock acquiring Winnipesaukee Lumber

Hancock Lumber says Winnipesaukee Lumber is a great cultural and strategic fit.
a group of people posing for a photo
The leadership teams of Winnipesaukee Lumber and Hancock Lumber.

Hancock Lumber reported that it plans to acquire Winnipesaukee Lumber, an independent, family-owned building materials supplier in Wolfeboro, N.H.

In a blog post on its website, Hancock Lumber said the tentative closing date of the deal is Nov. 1 and the two companies plan to work together in the coming months to ensure a smooth transition for their employees and customers, carrying on the Quinby family legacy. 

Established in 1848, Hancock Lumber is a seventh-generation, integrated forest products company that is passionate about its people-first and values-driven culture. The company has been named a “Best Place to Work” in Maine for eight consecutive years.

“I’m personally thrilled to welcome Winnipesaukee Lumber into the Hancock Lumber family,” said Kevin Hancock, Hancock Lumber’s CEO. “Dick and Dianne Quinby have made an indelible contribution to the lumber industry in both New Hampshire and Maine since Dick began his career in 1959.

“It’s an honor to build off their legacy. From the very first time Dick and Dianne welcomed me into their home, I knew this was something we wanted to make happen,” Hancock added. “Our team could not be more excited about this acquisition for the long-term benefit of both companies.”

According to Hancock Lumber, based in Saco, Maine, Winnipesaukee Lumber is a great fit for the dealer for both strategic and cultural reasons. Strategically, both companies are highly focused on contractor sales, high-quality products, and personalized service. 

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Geographically, their location in Wolfeboro complements Hancock’s existing locations in North Conway, Bridgton, and Kennebunk and allows Hancock Lumber to offer a strong set of products,  services, and stores from the heart of New Hampshire’s lakes and mountains. 

Hancock Lumber also said the family business culture that Winnipesaukee Lumber is built upon matches Hancock’s own values and mission in terms of employee-led teams and personalized service experiences.

This marks Hancock Lumber’s second acquisition in 2021 and the company said it remains focused on tactical growth. 

Hancock acquired Lapointe Lumber in early May, opened a new lumberyard and kitchen design showroom in Saco last August, and is Maine’s first retailer to own their own roof and floor truss manufacturing facility with their 2018 acquisition of Mainely Trusses.

“Joining forces with the Winnipesaukee Lumber team represents a unique opportunity for Hancock to extend its market from New Hampshire’s north country down to the seacoast area of Southern Maine and New Hampshire,” Hancock Lumber said.

Hancock’s President and CFO, Paul Wainman noted, “To have Dick and Dianne’s trust and confidence that Hancock Lumber is the right partner to carry on their family’s legacy on means everything. Any strategic opportunity we entertain must be a cultural fit first, and this partnership is no exception.”

Hancock currently operates 11 lumberyards, 9 kitchen design showrooms, 3 sawmills, and truss and wall panel manufacturing facilities, in addition to owning timberlands in the states. The company has more than 600 employees.

“Being in this business for over 60 years, starting our own lumber company in Wolfeboro, and building our business in New Hampshire and Maine has been a life-long commitment,” said Winnipesaukee Lumber co-owner Dick Quinby. “When the time came to retire, we decided the next best step was to sell our business. From our first meeting together, we knew Hancock Lumber was the right fit—they are a local, family-owned business whose culture and values are completely aligned with ours and we could not be happier about this partnership for the future.”

The financial terms of the acquisition were not disclosed.
 

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