Edward Hines purchased by US LBM Holdings
Edward Hines Lumber, the five-unit LBM chain based in Buffalo Grove, Ill., has signed a purchase agreement with US LBM Holdings, a private equity partnership that now owns 30 building material locations in six states. Terms of the deal were not disclosed.
Hines, which posted $197.6 million in sales in 2008, is being purchased through an “assignment for benefit of creditors,” which is an out-of-court alternative to bankruptcy reorganization. The completion of the transaction is scheduled for March 17. Until then, Edward Hines and its subsidiary, Hall & House, will continue to operate their lumberyards, showrooms and millwork facilities in the Chicago area and Indiana.
Black Eagle Partners, which forms US LBM Holdings with Building Industry Partners, has agreed to provide the operating funds during the transition, which includes paying employee wages and making payments to vendors and suppliers.
Aspokesperson for US LBM Holdings told Home Channel News that Edward Hines managers are staying with the company.
Founded in 1892, Edward Hines ranked 27th on the Home Channel News Top 350 Pro Dealer Scoreboard in 2009.
US LBM Holdings, headquartered in Green Bay, Wis., now owns lumberyards, truss plants and other building material outlets in Wisconsin, Illinois, Indiana, Pennsylvania, Connecticut and New York.