Cedar Creek Wholesale changes hands

LBM distributor Cedar Creek Wholesale and Charlesbank Capital Partners, a New York City-based private equity firm, announced a joint recapitalization, which involves Charlesbank acquiring majority ownership of Cedar Creek.

The recapitalization, which is structured as an asset purchase, will provide Tulsa, Oka.-based Cedar Creek, already the nation's largest cedar distributor, the capital needed to grow organically within the wholesale building materials distribution segment beyond its current trade areas.

The two companies also announced the appointment of William Adams to chairman and CEO of Cedar Creek. Previously, Adams worked at ABTCO, Louisiana-Pacific, Masonite Corp. and Trussway.

Clark Wiens, co-founder and former president, David Bond of the Tulsa branch and D. Wayne Trousdale of the Okalahoma City branch will retain equity stakes in the business and will remain in senior executive positions.

"We are very pleased to partner with Charlesbank and Bill Adams as we move our business to the next level. We remain focused on delivering top-notch service for our customers in terms of product offerings, delivery and price,” Wiens said. “This new partnership will help us provide the same high-quality service to our current customers, as well as to new customers in expanded geographies.”