Building supply company Central Valley today announced it has entered a definitive agreement to purchase Solano County, Calif.-based building supply company Foster Lumber Yard. The deal expands Central Valley’s North California footprint and adds a ninth location for the company. According to a news release from the company, Foster Lumber will continue to operate as a separate, wholly-owned subsidiary with the current management in place.
“We’re bringing two forces together with similar cultures and many of the same builder clients,” said Steve Patterson, CEO of Central Valley. “For Foster Lumber, Central Valley brings new investment to grow the business and operational opportunities, like purchasing and distribution, to enhance Foster’s dedicated service to its customers. For Central Valley, we are able to expand our product offering and our presence in the greater San Francisco Bay Area.”
Central Valley, founded in 1955, ranks 59th on the ProSales 100 and recorded $117 million in sales in 2017. In the release announcing the acquisition of Foster Lumber, Central Valley reported its current sales are approaching $140 million. The California-based company operates six full-service lumber yards and recently opened a prefab manufacturing facility in Yolo County, Calif. The acquisition of Foster Lumber Yard is expected to close on November 30, 2018.
