D&M is a single-location roof and floor truss manufacturer based in Pensacola, Fla.
Prior to the acquisition, Tibbetts Lumber served Florida builders and remodelers through nine locations.
Tibbetts Lumber Co. LLC announced via Linkedin that it has agreed to acquire Pensacola, Fla.-based D & M Truss Co.
Under the terms of the deal, Tibbetts Lumber will acquire all of the assets of the single-location, Pensacola, Florida-based roof and floor truss manufacturer.
The transaction is expected to close later in 2022. The financial terms of the acquisition were not disclosed.
“Assuming this deal is consummated, D & M Truss’ team and facility are strategic to our existing Florida operations to allow for further growth into Florida’s panhandle, Alabama, and Mississippi; finally propelling us over the Florida state line,” said Kyle Hooker, Tibbetts Lumber executive chairman. “D & M gives us a very geographically-significant footprint to complement our existing Central Florida truss production, and the team is experienced, well-disciplined, and extremely respected in the marketplace. This is an exciting growth opportunity and time for us.”
Upon the closing of the transaction, Tibbetts Lumber’s U.S. footprint will increase to 10 locations throughout Florida. The dealer’s sister company, Cox Lumber Ltd., operates two locations in the Cayman Islands.
“As a people-first, growth-focused leader in the building materials industry, we are excited to work with the D & M team and bring aboard the exceptionally hardworking and dedicated employees as part of the Tibbetts Lumber family,” Tibbetts Lumber Director of Human Resources Rob Hicks, said.
Tibbetts Lumber Co. serves regional and custom and semi-custom builders and remodelers with locations in St. Petersburg, Largo, Land O’Lakes, Ocala, Crystal River, Lecanto, Palm Bay, Lehigh Acres (Ft. Myers), and Englewood, Fla.
The company’s primary business lines include roof and floor trusses, lumber and building materials, interior and exterior doors, millwork and trim, windows, siding, and specialty items for new home construction and remodeling.
“D & M’s ‘Core Values’ and business model align with ours. If this acquisition closes, it should enhance our ability to serve current key and future customers in the Greater Pensacola area,” said Tibbetts Lumber Vice Chairman and CEO Russ Hallenbeck. “Servicing customers in the Florida Panhandle solidifies our strategic growth plan in Florida and throughout the Southeastern U.S."
Tibbetts describes itself as “a rebirth” of the former Cox Lumber Co., which was purchased in 1949 by Hooker’s grandfather, Linton N. Tibbetts and operated until 2006, when it was acquired by a subsidiary of The Home Depot.
Cox Lumber Co. had 28 Florida locations at the time of the sale. In 2009, Hooker and his family launched Tibbetts Lumber Co.
“I truly think we have taken that culture and ‘feel of the company’ to an even greater level at Tibbetts Lumber, and we are excited to continue our growth with the expected acquisition of D & M Truss Co. with its similarly embedded culture and product offerings,” Hooker said in a company statement.