Old Wood LLC (Las Vegas, N.M.) has had a busy one-and-a-half years.
About 18 months ago, the company, which specializes in end grain flooring, began expanding its footprint. It increased the number of production facilities from two to four, which provided an additional 30,000 square feet of space, including a 10,000-square-foot prefinishing facility. They also expanded their outdoor production and storage space by 80,000 square feet. The extra manufacturing capacity meant they needed more hands on deck, so they hired 18 employees.
But the biggest change came six months ago, when owners David Old and son Shiloh sold 15 percent of the company to a social entrepreneurial venture capitalist firm interested in job creation and manufacturing.
“We hope that this new investor will allow us to increase our capacity to produce quality-made end grain and wide-plank wood flooring in a timely fashion and on a larger scale,” Shiloh Old said. “They like our story, they like our business model and I think they see an opportunity for future growth.”
While investors sometimes put money into a business with the expectation they’ll be able to steer its future course, Old said this firm is less interested in getting a return and more about associating itself with Old Wood and its business model, which is rooted in the use of sustainable materials and practices.
The firm is completely hands-off, he said, albeit for the extra cash the Olds now have on hand to ramp up production. And that’s what they intend to do, Old said.
He added that Old Wood is still looking for further investment, specifically from a larger company within the wood flooring industry.
