SALT LAKE CITY - Third Bench, which operates Davis Kitchens, OGB Architectural Millwork, and Cabinets by Sherwood - all companies in the Western U.S. - has been acquired by New York-based private investment firm New America Energy Corp.
Through its three subsidiaries, Third Bench supplies residential cabinets and commercial millwork in the Western U.S. The company employs 140 people and saw revenue in excess of $18.8 million in 2020.
The acquisition takes the company public.
We are very excited about taking this next step of becoming a public company," said Third Bench CEO David Fair. "Third Bench is well-positioned to take advantage of the growth in commercial millwork and the historical demand for cabinets and countertops in the residential sector. We look forward to tapping into the public markets to fuel our expansion and long-term strategy.”
"I'm so excited to complete this acquisition and deliver on my promise to seek cash flow companies with strong management," said New America CEO Jeff Canouse. "Third Bench and their team are exactly what NECA was seeking. The immediate value this adds for our shareholders is incredible. The team at Third Bench has done an amazing job building such a successful company, and I look forward to them executing their acquisition strategy and building more and more value for the company."
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