Kodiak Building Partners announced that it is acquiring Carpenter Contractors of America, Inc. (CCA).
Based in Pompano Beach, Fla., CCA is a provider of fabricated lumber components and field installation services in the Midwest, Carolinas, and Florida. The company’s main operating locations are in Winter Haven, Fla.., Belvidere, Ill., and Fayetteville, N.C. CCA employes about 2,000 associates.
Don and Ken Thiel of CCA have signed a definitive agreement that is expected to close in October, according to Kodiak.
Terms of the deal were not disclosed but Kodiak acknowledged that this is the company's largest acquisition in its nine-year history.
As with most of Kodiak's acquisitions, CCA’s existing management team will continue to run the company, including President and Vice Chairman Ken Thiel.
Founded in 1955 by Don Thiel, with his brother Robert, CCA has modest roots but has evolved to become an industry leader. Don attributes CCA’s success to its ability to hire and retain the very best employees.
“Our focus on staying true to our family-business culture, even as we grew and evolved, was always key, and I am confident that Kodiak will not only respect our culture but also enhance it,” he said. “It is important to me and my family that with Kodiak’s involvement, our company will continue to grow, improve, and thrive, while caring for our employees and valuing everything that they each bring to the table. I will be able to enjoy my upcoming retirement, knowing that CCA is in good hands.”
Ken Thiel echoed his father’s sentiment, commenting that “selling a market-leading 65-year-old family business was a difficult decision but made easier knowing that we would be partnering with a company like Kodiak who understands and respects our hard-earned legacy. Our combined organizations will leverage the best of CCA’s manufacturing excellence and customer-centric operating philosophy with Kodiak’s scale and infrastructure.”
Kodiak President and CEO Steve Swinney notes that the acquisition will present numerous opportunities. “While we recognize areas in which we can complement CCA, Kodiak is also looking forward to learning from them," he said.
According to Swinney, “Sharing best practices among our companies only helps us achieve our goal of being better today than we were yesterday. CCA has a very innovative model of combining installation, manufacturing, and supply that sets them far apart from any competitor."
Looking ahead, Swinney said that the efficiencies CCA presents and has developed will benefit to other Kodiak operations across the country.
Kodiak Chairman Paul Hylbert said the move bolsters the company's current significant position in Florida and grows its presence in attractive long term markets in the Carolinas and Midwest.
“The considerable scope that CCA adds to the Kodiak family not only broadens our reach, but it assures the ongoing successes, expansions, and enhancements of an already admirable company," Hylbert said.
D.A.Davidson was the exclusive advisor to CCA and the Thiel Family on this transaction.
Based in Highlands Ranch, Colo., Kodiak Building Partners operates 83 locations in 20 states.