SBSI acquires Buettner Brothers in Alabama
Southeast Building Supply Interests (SBSI), has acquired Buettner Brothers Lumber Company based in Cullman, Ala.
SBSI is a platform company of the building industry investment company, Building Industry Partners.
Buettner is SBSI’s first location in Alabama and third acquisition of the summer including Wallace Building Supply in Indian Mound, Tenn. and Haywood Builders Supply in Waynesville, N.C. SBSI now operates in five states.
“I consider Alabama home, and I could not be more excited to acquire our first business in the state,” said Roger Farmer, president of SBSI. “Under John’s [McPhillips] and Jimmy’s [Barnes] leadership Buettner has been a pillar of the Cullman community, and we look forward to continuing in that tradition.”
Jimmy and John jointly added, “We are proud of the business, our employees, and the Cullman community. SBSI is a growth-oriented team and that means that our employees will continue to have tremendous opportunities and that our customers will continue to have a committed local building materials dealer to serve them.”
Cam Sadler, Vice President at BIP, commented, “We see tremendous opportunity in North Alabama. Cullman is a great place to live, and Buettner is well positioned to service a major economic growth corridor."
Nick Massengill, Operating Partner at BIP and SBSI Director, noted, “We are excited to be in Alabama, and we are excited to partner with Buettner employees on this next growth phase. Our employee equity program is designed to reward the hard work that is required to grow a business. Our goal is to create shared prosperity with all of our employees.”
SBSI said that it is actively seeking to invest in lumber and building materials companies in the Southeast. The prodealer also noted that it “works tirelessly” to elevate the employee value proposition at all organizations that join the SBSI family of businesses.
Partners involved in this transaction were Holland & Knight LLP, Fifth Third Bank, Intrinsic LLC, CBIZ Insurance Services, Inc. and Siguler Guff.
Kellick & Associates advised the sellers.
The financial terms of the acquisition were not disclosed.
It's been a busy two weeks at Building Industry Partners after launching its new Endeavor Fire Protection business platform and welcoming Steve Shaffer as a new operating partner of the business.
