Star Equity Holdings acquires Big Lake Lumber
Star Equity Holdings, a diversified holding company, has completed the acquisition of Big Lake Lumber, Inc.
Big Lake is a Minneapolis-based building supply center and lumber yard. The company will be integrated into Glenbrook Building Supply, Inc., one of the businesses in Star’s Construction division.
Financial terms of the deal were not disclosed
“We are excited to announce this important transaction for Star and Glenbrook,” said Rick Coleman, Star’s CEO. “This complementary bolt-on establishes Glenbrook as a regional player in the twin cities metro area and expands its client base. Furthermore, the accretive transaction immediately diversifies Glenbrook’s revenue mix by adding more single-family residential business and presents opportunities for margin synergies going forward – both of which we expect to generate substantial value for Star shareholders.”
Following the acquisition of Big Lake, Star will remain composed of two divisions: construction and investments.
Big Lake Lumber will be rebranded as a new location within Glenbrook, which operates a yard in St. Paul, Minnesota.
Star Equity Holdings also said that it will continue to pursue its growth strategy as a diversified holding company through both organic growth and acquisitions.
The holding company’s construction division manufactures modular housing units for commercial and residential real estate projects and operates in two businesses: modular building manufacturing and structural wall panel and wood foundation manufacturing, including building supply distribution operations for professional builders.
Star Equity Holdings is based in Old Greenwich, Connecticut.
