Building products dealer Maner Builders Supply closed two separate but simultaneous sales transactions. As previously announced, Maner sold its business operations to specialty distributor US LBM. The three-unit dealer also sold its real estate to real estate investment trust STORE Capital in a sale-leaseback transaction.
Following the transactions, US LBM wil lease the real estate in Augusta, Ga., Aiken, S.C., and Charleston, S.C., as a tenant of STORE Capital. Mergers and acquisition firm Heritage Capital Group acted as exclusive financial advisor to Maner in both the sale of its business operations and its real estate.
“These transactions were a true value add for all parties,” Heritage Capital Group president Don Wiggins said in a news release. “The owners of Maner were able to exit their business at very favorable terms, and US LBM acquired a highly competitive company that will be synergistic with its operations. At the same time, the owners sold the real estate to STORE Capital, who in turn gained a long-term quality tenant. By selling the business operations separate from the real estate, the owners got a substantially better financial outcome.”
