CONCORD, NH - Lumber Products, an Oregon-based distributor of wood products that recently filed for Chapter 11 bankruptcy protection, has been acquired by Rugby Architectural Building Products of Concord.
Rugby, a distributor of architectural wood products, said it acquired substantially all of the assets of Lumber Products through its stalking horse bid under Section 363 of the U.S. Bankruptcy Code. The purchase includes seven former Lumber Products locations in Tualatin and Eugene, OR; Kent and Spokane, WA; Boise, ID, Salt Lake City, UT; Albuquerque, NM, plus Lumber Products' distribution center in Chandler, AZ. All of the properties have assumed the Rugby name and the distribution center will be consolidate with Rugby's Phoenix operation into a new metro center.
In its Chapter 11 filing, Lumber Products listed its assets from $10 million to $50 million. Lumber Products indicated in its filing that it would be able to pay its creditors, which include: Leimieux Doors, $2 million; Columbia Forest Products, $1.8 million; and Masonite, $1 million.
The buy out of Lumber Products represents Rugby's ninth acquisition since 2010. Since then, the company said it has more than doubled its revenue base and grown to 20 distribution centers across the country.
"The acquisition of Lumber Products supports our strategy to diversify geographically, extending Rugby's footprint into key western markets," said David Hughes, Rugby president and CEO. "Furthermore, the transaction enhances our product offerings in our core industrial base of products, as well as increases our value-added components and service offerings targeted at the commercial and residential construction sector."
Rugby is owned by Leading Ridge Capital Partners, a private equity firm, with offices in Maryland and New York, specializing in acquisitions, recapitalizations, and investments in value-added distribution, logistics, and light manufacturing companies in the lower-middle market. Robert Mayn of Leading Ridge Partner Zach Coopersmith said, "Rugby will continue to grow organically and through acquisition, targeting both consolidation and market expansion opportunities."
Rugby Architectural Building Products is a full-line wholesale distributor of specialty building products. Its primary business is the wholesale distribution of non-structural architectural grade building products sold principally to customers who supply end-products for the commercial, industrial, retail, residential and institutional markets. The company's key product offerings include hardwood plywood, composite panel products, solid surface countertops, high-pressure laminate, doors, millwork, hardwood lumber, cabinet hardware, laminated panels, mouldings, Rugby brand sinks and faucets, and industrial wood coatings.