US LBM Holdings, a portfolio company of BlackEagle Partners, has signed an agreement to acquire the operations of Edward Hines Lumber as well as certain of its subsidiaries, including Hall & House serving the Indiana building community.
This acquisition will make US LBM the tenth largest distributor of lumber and building materials in the US, according to 2009 ProSales 100.
In order to allow Hines Lumber and Hall & House to continue operations during this process and to complete the sale to US LBM, an affiliate of BlackEagle has agreed to provide financing to Hines Lumber and Hall & House.
“Being able to combine the resources of US LBM and Hines Lumber is a rare opportunity,” says Jason Runco of BlackEagle Partners. “Hines Lumber has a 118 year history of serving the needs of Chicago-area professional builders and remodelers. We are proud to be part of their continuing success.”
The addition of Hines Lumber and Hall & House to US LBM substantially expands its operations, growing it to 30 locations serving six states with approximately 850 associates. In addition to a strong presence already in Chicago, US LBM plans on expanding operations opening the former Hines Lumber location in Mokena, Illinois.
“We are excited to have Hines Lumber and Hall & House as part of our expanding line-up of building supply businesses,” says L.T. Gibson, president and chief executive of US LBM. “Hines Lumber is synonymous with residential building in the Chicago area. The company is part of the business fabric of Chicago and the surrounding communities.”
The approval of the transaction is scheduled on 17 March 2010.
Edward Hines Lumber began operations in 1892 and operates five lumberyards and specialty centres. The company provides decking, dimensional and engineered lumber, exterior and interior doors, floor and roof trusses as well as custom millwork and kitchen design.
