Miami, FL, December 19, 2006—Private equity firm H.I.G. Capital said it has recapitalized Augusta Lumber Co., Inc. and its affiliates.
Based in Waynesboro, Virginia, Augusta Lumber is vertically-integrated supplier of hardwood logs, lumber and flooring, with operations in timber-rights purchasing, sawmills, kiln-drying, flooring manufacturing, and logistical support.
It operates six facilities in Virginia and West Virginia and a retail operation under the name Hardwood Solutions in Frederick, Maryland.
The Company specializes in hardwoods with a focus on red oak, poplar, walnut, cherry and other fancy hardwoods, and sells its product under both the Augusta Lumber and Monte Bello flooring brands.
H.I.G. partnered with management to consummate the transaction. "We are very excited to have H.I.G. as a partner to continue to grow and invest in our business," said Mitch Carr, the Chief Executive Officer of Augusta. "There are significant opportunities to grow our operations in hardwood lumber and flooring. We think there will be acquisition opportunities over the next few years as well, and we look forward to working with H.I.G. to execute on our expansion plans."
"We have partnered with an outstanding management team that has created a leading market position through over fifty years of relentless focus on value-added services and quality operations," said Brian Schwartz, Managing Director of H.I.G. Capital. "They have an outstanding track record of success and we look forward to supporting their expansion plans."
