Doman Building Materials acquires CM Tucker Lumber assets
Doman Building Materials Group has acquired South Carolina-based CM Tucker Lumber Companies, LLC. The company acquired the assets of Tucker Lumber for a base purchase price of approximately $255 million in cash. Tucker Lumber is being acquired on a cash-free and debt-free basis, and the transaction is being funded from the company’s existing cash on hand and revolving credit facilities.
Founded in 1920, Tucker Lumber is headquartered in Pageland, South Carolina, employing 425 personnel across three locations. The Pageland facility comprises a specialty sawmill, dry kilns, treating plants, remanufacturing operations and distribution facilities. Treating plants located in Henderson, North Carolina, and Rock Hill, South Carolina, provide added capacity and capabilities to quickly service Eastern U.S. markets. Tucker Lumber offers a comprehensive variety of products, including treated lumber and plywood, decking, deck posts, balusters, spindles, handrails, step stringers, step treads, fence panels, fence pickets, round fence posts and split rail fencing.
According to Doman, Tucker Lumber’s operations are complementary to the company's existing U.S. Central and West Coast operations without overlap. The transaction will aim to facilitate the company’s growth and geographic coverage and will expand the xompany’s product suite to include new offerings.
“We are very excited with the addition of Tucker Lumber to the Doman Group of companies. The transaction is a great complement to our existing U.S. operations while further advancing our growth strategy, developing a leadership position and expanding our footprint into ten previously unserved States,” said Amar Doman, chairman and CEO. “We continue our disciplined approach in tracking and executing on accretive growth opportunities, further strengthening our financial performance, and enhancing shareholder value based on a fundamentally sound and sustainable growth plan. With this transaction, our U.S. footprint now extends from coast-to-coast plus Hawaii, and we proudly operate 37 treating plants across our system. We look forward to working with David, Paul, Mark and Andrew Tucker along with the entire Tucker Lumber team in this significant new development for our organization.”
