Homewood Holdings makes its second big move
Homewood Holdings has made its second acquisition, and it's looking for more.
The portfolio company of Building Industry Partners, Homewood Holdings acquired two-unit pro dealer Evergreen Lumber, based in Port Orchard, Washington.
In April of last year, Homewood Holdings was formed with the recapitalization of three-unit Homewood Lumber, based in Sacramento, California. Evergreen’s addition creates a pro dealer platform with five locations in California and Washington, more than 150 total employees and approximately $70 million in combined sales.
The transaction addressed current owner and President, Jeff Swan’s, succession-planning needs for the business. He retires after 50 years with the business, but remains an advisor to Evergreen and retains a meaningful financial interest in the company. Keith Elledge, who has worked for Evergreen for the past 22 years, will continue in his role as vice president.
“We are excited to bring Evergreen Lumber into the Homewood family," said Zach Coopersmith, managing partner of BIP, "Evergreen fits Homewood’s acquisition strategy of investing in strong businesses in growing markets, in partnership with proven operators. We’re bullish on the Seattle market and are excited for Jim [Homewood CEO] and Keith to build upon a strong legacy business with over 75 years in operation.”
Jim Stockman, CEO of Homewood Holdings and President of Homewood Lumber, commented, “I am thrilled to be expanding the reach of Homewood Holdings into the Seattle market. We plan to build upon the reputation Evergreen has established among its suppliers, customers, and employees, and help take Evergreen to the next level.”
Homewood Holdings said it is actively seeking to partner with or acquire additional strong independent pro dealer organizations throughout the Pacific Northwest.
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