Littlejohn & Co. has acquired Northwest Hardwoods, a manufacturer and distributor of North American hardwood lumber, from American Industrial Partners (AIP).
Northwest Hardwoods (NWH) serves the repair and remodel, residential construction, industrial, and export markets. The company converts hardwood logs into rough cut and kiln dried lumber, and then planes and sorts the lumber boards into an array of grades for appearance wood applications. NWH's lumber is a primary material used in the manufacturing of kitchen cabinets, hardwood flooring, molding, millwork, commercial interiors, furniture, recreational vehicles, musical instruments, railroad ties, and pallets. NWH is also one of North America's largest importers of tropical hardwood lumber and hardwood plywood panels and operates a distribution network that serves over 1,660 customers worldwide. The company is headquartered in Tacoma, WA (northwesthardwoods.com).
"We are thrilled to acquire such a high quality business that fits well within our investment focus," said Edmund Feeley, Managing Director of Littlejohn. "NWH has built a strong business and an outstanding reputation for working closely with customers and providing quality hardwood products. We look forward to building its geographic reach and further enhancing its exceptional customer service."
Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. Littlejohn invests in middle market companies with annual revenues typically between $100 million and $800 million, and generally invests $50 to $150 million of equity in its private equity investments. The firm invests across a broad range of industries and acquires manufacturers, distributors, and service providers. Littlejohn is currently investing from Littlejohn Fund V which has over $2 billion in capital commitments. The firm is based in Greenwich, CT (www.littlejohnllc.com).
"We are grateful to have had the opportunity to partner with an extraordinary management team led by TJ Rosengarth in our carve-out of NWH from Weyerhaeuser Company three years ago," said Richard Hoffman, Partner at American Industrial Partners.
American Industrial Partners invests in North American headquartered industrial companies with sales ranging from $100 million to $750 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners was founded in 1989 and is based in New York (www.americanindustrial.com).
Littlejohn was advised by Gibson, Dunn & Crutcher and Morgan Stanley. AIP was advised by Baker Botts and Goldman, Sachs & Co.