Hancock Lumber reported that it is acquiring Lapointe Lumber.
The move will mark the union of two long-standing family businesses in Maine.
Lapointe Lumber, a fourth-generation independent building materials supplier has operated in the Augusta and Gardiner markets since 1947. Established in 1848 and based in Saco, Hancock Lumber is a seventh-generation, integrated forest products company with a passionate people-first and values-driven culture.
The Lapointe acquisition provides Hancock with the opportunity to extend its reach into Augusta and Gardiner while servicing surrounding capital district communities.
Hancock opened a new lumberyard and kitchen design showroom in Saco last August and become Maine’s first retailer to own its own roof and floor truss manufacturing facility with their 2018 acquisition of Mainely Trusses.
“Hancock Lumber is excited to be uniting with the employees, customers, suppliers, and communities served by Lapointe Lumber,” said Kevin Hancock, CEO of Hancock Lumber. “Lapointe has a long-standing family-business legacy of integrity and quality. The company represents the essence of what’s best about doing business in Maine. We’re honored to help shape and support the future of that already strong tradition.”
Hancock President and CFO Paul Wainman added, “Expansion into this territory is a natural extension for us. Our team looks forward to growing with Lapointe’s existing employee and customer base, helping carry forward their family’s legacy. The Lapointe’s have built an incredible business, but more importantly a reputation and culture that align with Hancock Lumber’s (culture).”
Hancock currently operates nine lumberyards, eight kitchen design showrooms, three sawmills, and truss and wall panel manufacturing facilities, along with timberlands ownership.
“Generational transitions in family business take careful planning and preparing,” said Lapointe Lumber’s President, Peggy Lord. “When our family decided our next move would be to sell, it was imperative we sought out and selected the right partner to help bring Lapointe into the next generation. Thankfully our first choice was interested in learning more. Simply put, Lapointe Lumber is a great fit for Hancock Lumber and likewise, Hancock Lumber is a great fit for Lapointe.”
The financial terms of the deal were not disclosed. Hancock Lumber has more than 550 employees.
“From our first meeting with the Hancock team we knew this could turn into something really special,” said Dick Tarr, Lapointe vice president. “Our culture and values could not be more aligned, and we’re thankful to have found the right partner.”