Homewood Holdings LLC, a portfolio company created a year ago by the investment firm Building Industry Partners (BIP) to building a pro dealer platform on the West Coast, announced today it has acquired Evergreen Lumber Inc,. a dealer serving western Washington state.
The purchase brings Homewood a yard in Port Orchard, Wash., plus a nearby door and trim facility. Founded in 1939, the company has 45 employees. Homewood, formed in April 2016 through the recapitalization of California’s Homewood Lumber, now consists of five locations, more than 150 workers and about $70 million in combined sales, BIP said in a news release.
Evergreen Owner and President Jeff Swan will retire as a result of the deal but will serve as an adviser and will keep “a meaningful financial interest” in the company. Vice President Keith Elledge, a 22-year veteran of Evergreen, will remain on duty.
“We are excited to bring Evergreen Lumber into the Homewood family,” Zach Coopersmith, managing partner of BIP, said in the news release. “Evergreen fits Homewood’s acquisition strategy of investing in strong businesses in growing markets, in partnership with proven operators. We’re bullish on the Seattle market and are excited for Jim [Homewood CEO Jim Stockman] and Keith to build upon a strong legacy business with over 75 years in operation.”
Jim Stockman, CEO of Loomis, Calif.-based Homewood Holdings and president of Homewood Lumber, commented, “I am thrilled to be expanding the reach of Homewood Holdings into the Seattle market. We plan to build upon the reputation Evergreen has established among its suppliers, customers, and employees, and help take Evergreen to the next level.”
Homewood Holdings “is actively seeking to partner with, and/or acquire, additional strong independent pro dealer organizations throughout the Pacific Northwest,” BIP’s statement said.
