BlackEagle Partners, through US LBM Holdings, completes purchase of Lyman Lumber, adding Lyman's locations in Minnesota and Wisconsin to its network of building products suppliers
October 31, 2011
– BlackEagle Partners acquired the Midwest operations of Lyman Lumber Company, including its Chanhassen location, Automated Building Components, Carpentry Contractors Corp., and Lyman Lumber of Wisconsin. The transaction was effective October 28, 2011. BlackEagle Partners is the owner of US LBM Holdings, a collection of eight building products distributors serving the Midwest, Northeast, and Mid-Atlantic in nine states with more than 40 locations. US LBM is one of the fastest growing suppliers of building products in the United States.
“The acquisition of Lyman furthers our commitment to US LBM as a platform in the building supply industry and represents a perfect example of BlackEagle’s strategy of increasing value through acquisition.”
Lyman, headquartered in Excelsior, Minnesota, serves the Minneapolis-St. Paul metropolitan area as well as Eau Claire, Wisconsin providing homebuilders and professional remodelers with a full-suite of building materials and services. Lyman employs more than 500 people with annual sales exceeding $100 million.
Lyman will join the family of US LBM companies, each of which enjoys leadership positions in their markets. Lyman will continue to operate under the same trade names with its same workforce and base of locations. US LBM provides Lyman with the capital and support to enable the company’s growth plans.
LT Gibson, CEO of US LBM, shared that, “With over 114 years of commitment to the building products industry, Lyman has established a terrific reputation. All of our business units will benefit through this acquisition and we are excited to welcome Lyman’s employees to our team.”
Lyman’s Vice President of Operations, Dale Carlson, will remain with the business in his new role as President. “The breadth of products and quality of services offered by all of our business lines at Lyman will only improve through our partnership with US LBM,” added Dale Carlson regarding the transaction. “With US LBM and BlackEagle, we found a partner that respects the integral relationships that our customers, vendors, and employees play in this industry.”
Commenting on the transaction, Bryan Tolles, Vice President of BlackEagle offered, “The acquisition of Lyman furthers our commitment to US LBM as a platform in the building supply industry and represents a perfect example of BlackEagle’s strategy of increasing value through acquisition.”
About BlackEagle Partners
BlackEagle Partners, LLC, with offices in New York, New York and Bloomfield Hills, Michigan, is a private equity firm focused on investing in businesses that can benefit from our operational expertise. We target enterprises in a broad range of industries that are underperforming or distressed, as well as non-core subsidiaries of larger businesses and companies in out-of-favor markets. For more information, please visit www.blackeaglepartners.com.