Private equity firm Resilience Capital Partners (Cleveland) has purchased lumber company and wood flooring manufacturer Weaber Inc. (Lebanon, Pa.). The price tag for the all-cash transaction was not disclosed.
Private equity firm Resilience Capital Partners (Cleveland) has purchased lumber company and wood flooring manufacturer Weaber Inc. (Lebanon, Pa.). The price tag for the all-cash transaction was not disclosed.
Weaber Inc., which employs more than 300 people and sells its flooring and molding products throughout the world, will merge with Taylor Lumber Inc. (McDermott, Ohio), which Resilience Capital Partners purchased in 2010. The two purchases comprise Resilience Capital Partners' foray into the niche building supplies industry.
Matt Weaber will continue as president and COO of the newly merged company. Resilience Capital Partners Principal Ronald Cozean, with 12 years' experience in the automotive and capital equipment manufacturing industries, will be the CEO. Sales teams at both Taylor and Weaber will remain in place.
Weaber was involved in a "difficult situation with our bank group" before the purchase. "… [Resilience] quickly provided both financial and operational stability during an extremely challenging time in the lumber industry," said company president Matt Weaber.
In a letter to clients, Weaber said, "The combined companies will be much better positioned to weather the storm created by the collapsed housing market and poised for significant growth when the building and construction industry comes back."
Other investment platforms within Resilience Capital Partners' portfolio include specialty chemical, automotive aftermarket, satellite communications and private aviation companies.