“National Lumber has been acquired by Builders 1st Source”
The JIAN Group acting as Financial Advisor in the transaction.
The JIAN Group initiated this transaction, assisted in the negotiations leading to its conclusion, and acted as financial advisor to the seller.
National Lumber acquired by Builders FirstSource
The strong New England dealer operates 19 locations across Massachusetts, Connecticut, and Rhode Island.
Another major regional LBM dealer is no longer operating as an independent.
This morning, Builders FirstSource announced that it had completed the acquisition of National Lumber.
Based in Mansfield, Mass., National Lumber has been one of the largest independent dealers in New England. The company operates 19 locations in Massachusetts, Connecticut, and Rhode Island with more than 700 employees.
According to Builders FirstSource, National Lumber is expected to reach sales of about $440 million in 2021.
The financial terms of the acquisition were not disclosed by Builders FirstSource.
“We are thrilled to further expand our capabilities into New England by welcoming National Lumber to the Builders FirstSource family,” Dave Flitman, president and CEO of Builders FirstSource, said in a press release issued this morning. “The company’s diverse building materials and service offerings, which include prefabricated components to millwork and their strong R&R mix, will add even more depth to the value-added solutions Builders FirstSource customers rely on.”
Flitman also noted that Builders FirstSource will while continuing to pursue additional acquisition opportunities.
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Following 87 years as a family-owned company, we are excited about our future with BFS, the biggest, and more importantly, the best supplier of building materials to professionals in the country,” said Steven Kaitz, National Lumber Co-CEO. “My sister, Margie, and I have been stewards for over 45 years of a business built by our grandfather, dad, uncle and now our dedicated employees, who will get to share in our continued success.”
In 2020, National Lumber was recognized by HBSDealer and the National Lumber and Building Material Dealers Association as the ProDealer of the Year.
National Lumber President Manny Pina, along with other key members of senior leadership, will continue their tenures managing local operations following the acquisition. The JIAN Group LLC acted as financial advisor to National Lumber.
National Lumber’s portfolio includes 10 lumberyards, 11 Benjamin Moore paint locations, 7 Kitchen Views showrooms, and 2 Reliable Truss and Components manufacturing facilities.
The company also operates specialized divisions that include engineering, drywall, installed insulation, and custom millwork manufacturing.
T
his acquisition marks the third major acquisition of a powerful Massachusetts-based independent dealer in the past six months.
Last September US LBM acquired Mid-Cape Home Centers with six locations in the southern coastal region of Massachusetts. In December, Hyannis, Mass.- based Shepley Wood Products joined Kodiak Building Partners.
Dallas, Texas-based Builders FirstSource operates about 580 locations in 42 states. This includes facilities in 85 of the top 100 housing markets.
This article by Andy Carlo was originally published on January 5, 2022 by HBS Dealer.
