Private equity firm HIG Capital has completed the sale of its portfolio company American Hardwood Industries (AHI) to Baillie Lumber.
Based in Waynesboro, Virginia, AHI is a manufacturer and supplier of hardwood lumber in the US and abroad.
Founded in 1955, AHI is the largest producer in its regions with over 100 million board feet of annual capacity across eleven sawmills and kiln drying facilities in Virginia and throughout the Appalachian territory. AHI sells its products under the Augusta, Blue Triangle and Graham Lumber brands.
HIG originally invested in AHI, then Augusta Lumber, in 2006. Since that time, AHI has developed into one of the most important exporters of hardwood lumber to Asia and Europe, serving over 40 international markets. The company has executed multiple add-on acquisitions that more than doubled the size of the business and also invested heavily in manufacturing best practices.
“HIG has been an outstanding and committed partner to American Hardwood Industries. Through a series of add-on acquisitions and operational investments, HIG’s support has helped AHI to more than double its revenues, upgrade its equipment, invest in business processes, develop its brands and expand its international reach to establish the company as a leading exporter of US hardwoods,” says John O’Dea, CEO of AHI.
