A Connecticut-based private investment firm, Littlejohn and Co. LLC, announced Friday that it has acquired Northwest Hardwoods Inc. of Tacoma.
Northwest Hardwoods, a leading manufacturer and distributor of North American hardwood lumber, has been under the control of American Industrial Partners.
In 2011, Northwest Hardwoods was “successfully carved out of Weyerhaeuser by AIP,” according to a Littlejohn news release.
The company, according to Littlejohn, “serves the repair and remodel, residential construction, industrial, and export markets, with operations strategically located near high-production hardwood timber baskets and key shipping ports. The company converts hardwood logs into rough cut and kiln-dried lumber, and then planes and sorts the lumber boards into an array of quality grades for appearance wood applications.”
Northwest Hardwoods also is a major importer of tropical hardwood lumber and hardwood plywood panels, and serves more than 1,660 customers worldwide.
The company’s lumber “is a primary material used in the manufacturing of a multitude of products including: kitchen cabinets, hardwood flooring, molding, millwork, commercial interiors, furniture, recreational vehicles, musical instruments, railroad ties and pallets,” according to Littlejohn.
Edmund J. Feeley, managing director of Littlejohn, said, “We are thrilled to acquire such a high-quality business that fits well within our investment focus. NWH has built a strong business and an outstanding reputation for working closely with customers and providing quality hardwood products. We look forward to building its geographic reach and further enhancing its exceptional customer service.”
Richard Hoffman, partner at American Industrial Partners, said, “We are grateful to have had the opportunity to partner with an extraordinary management team led by TJ Rosengarth in our carve-out of NWH from Weyerhaeuser Company three years ago.”
TJ Rosengarth, president and CEO of NWH, noted, “Our customers have been extremely loyal over many decades and we very much appreciate that. We reward our customers’ loyalty by providing innovative products and exceptional service at affordable prices. While the ownership group has changed, Northwest Hardwoods will continue to be the same great company our customers have valued for many years. We are excited to be working with Littlejohn.”
Littlejohn & Co. typically invests in middle-market companies “that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach.”
The company is investing from Littlejohn Fund V, L.P., which has $2 billion in capital commitments.
The sale price was not released, and a spokesman for Littlejohn was not available Friday.