Homewood Holdings Acquires Evergreen Lumber

By / 2 months ago

Port Orchard, Wash. — Homewood Holdings LLC, a portfolio company of the investment firm, Building Industry Partners LLC, has acquired Evergreen Lumber Inc., based in Port Orchard.

Evergreen was founded in 1939 and is an independent, two-location lumber & building materials pro dealer that serves local, regional and national homebuilders and contractors, as well as do-it-yourself customers, throughout the greater Seattle and Puget Sound markets. The business is headquartered in Port Orchard with a nearby door and trim facility. Evergreen employs 45 people and has a 77-year legacy of serving the Seattle and Puget Sound communities and building industry.

Evergreen joins the Homewood Holdings family of businesses as Homewood’s second acquisition. Homewood was formed in April 2016 by BIP and building industry veteran, Jim Stockman, to build a best-in-class, regional pro dealer organization in the Pacific Northwest. Evergreen’s addition creates a pro dealer platform with five locations in California and Washington, more than 150 total employees and approximately $70 million in combined sales.

The transaction addressed current owner and President, Jeff Swan’s, succession-planning needs for the business. Jeff retires post-transaction after 50 years with the business, but remains an advisor to Evergreen and retains a meaningful financial interest in the Company. Keith Elledge, who has worked for Evergreen for the past 22 years, will continue in his role as Vice President.

Zach Coopersmith, Managing Partner of BIP, said, “We are excited to bring Evergreen Lumber into the Homewood family.  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] and Keith to build upon a strong legacy business with over 75 years in operation.”

Jeff Swan, Evergreen outgoing President, commented, “This will be an exciting time in Evergreen’s history, capitalizing on what Jim and the BIP team can bring to our business.  Evergreen will be stronger for their involvement.  I believe BIP, Jim and Keith together have the vision to help ensure Evergreen delivers a best-in-class value proposition to our customers, remains a great place to work and can capitalize on further opportunities in the market.”

Jim Stockman, CEO of 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.

Source: Homewood Holdings LLC.

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