Watermill Group acquires Weston Forest

Weston Forest, the distributor and remanufacturer of softwood and hardwood lumber and specialty panel products, has been acquired by the Watermill Group, a private investment firm.

With offices in Mississauga, Ontario, Canada and Lexington, Mass., Weston Forest operates several facilities across eastern Canada and the United States, providing products and services that are essential to commercial and residential construction as well as the production and shipment of industrial goods. This includes wholesale lumber and lumber products used in truss construction.

Financial terms of the acquisition were not disclosed.

“This is a historic event for everyone at Weston Forest,” said Steve Rhone, president of Weston Forest. “Our partnership with the Watermill Group will give us the strategic expertise and financial resources we need to help us enter the next phase of our growth.”

For the investment, Watermill has included as a co-invest partner Walter Capital Partners, a private investment firm based in Canada. 

Debt for this transaction was provided by National Bank of Canada and TD Bank. Richter Advisory Group Inc. provided financial due diligence advice to Watermill and Proskauer provided legal counsel. Weston Forest received legal counsel from Torkin Manes and advisory services from Deloitte and EY.

“Weston Forest is an exceptional organization that has shown significant and sustained growth over the last decade,” said Julia Karol, president and COO, Watermill Group. “We are looking forward to partnering with Weston’s talented and deeply knowledgeable management team, providing the tools and financial support needed to accelerate growth.”