Latest Eagle Creek Siding News
Jul 9, 2019
The Transaction represents Homewood’s sixth operating company acquisition and expands Homewood’s millwork offerings in the Seattle market July 01, 2019 07:00 AM Eastern Daylight Time LAKEWOOD, Wash.--( BUSINESS WIRE )--Homewood Holdings LLC (“Homewood”), a portfolio company of the investment firm Building Industry Partners LLC (“BIP”), has acquired the assets of Custom Choice Door, LLC (“Custom Choice Door”, “CCD” or “the Company”) from its owners, Ted Matthews and Alan Pascoe. Ted and Alan founded Custom Choice Door in 2007 and have grown it into a leading full-service door and millwork supplier servicing the greater Seattle and Puget Sound markets. CCD supplies single- and multi-family residential builders, contractors, and DIY homeowners with exterior wood, fiberglass and steel doors, interior doors, millwork, hardware, shelving, mantels, stair parts, cabinets, and pre-finishing services. The Company employs over 45 people out of its Lakewood, WA manufacturing and distribution facility and has a longstanding reputation of outstanding customer service. CCD joins the Homewood Holdings family of companies as its sixth overall investment and its third business in Washington state. Homewood Holdings’ other investments in the greater Seattle market include Evergreen Lumber, a two-location lumber & building materials “pro dealer” in Port Orchard, WA, and Eagle Creek Siding, the leading installer of exterior siding in the greater Seattle market based in Olympia, WA. The addition of Custom Choice Door improves the ability of all three businesses to collectively serve the holistic needs of greater Seattle market homebuilders. Homewood Holdings was formed in April 2016 by BIP and building industry veteran, Jim Stockman, to build a best-in-class, regional pro dealer organization in the Western U.S. The addition of CCD creates a pro dealer distribution and installation platform with eight total locations in California, Washington, and Arizona, more than 300 total employees, and over $125 million in combined sales. The transaction allows Custom Choice to accelerate its growth in the Puget Sound and beyond. Ted Matthews will remain as President of CCD post-Transaction and will retain a significant financial interest in CCD’s success going forward. Scott Blackburn, Homewood Holdings Washington Market President, said, “Custom Choice Door is a business we’ve known in the Puget Sound market for a long time, and we’re thrilled to welcome the Company and its employees into the Homewood family. Ted has solidified CCD’s name and reputation as a leading supplier of doors and millwork to greater Seattle builders and contractors, and we think the combination of Evergreen Lumber, Eagle Creek Siding, and now Custom Choice Door, will allow us to serve our customers’ comprehensive product and service needs even better in this market.” Matt Ogden, Managing Partner of BIP, commented, “Custom Choice Door is a very exciting addition to our group of Washington State businesses. We continue to believe in the strength of the greater Seattle market, and the attractiveness of value-add providers of LBM materials and services to homebuilders. We believe we’re positioned well in the Seattle market with three complementary businesses, for accelerated performance and growth.” Ted Matthews, Custom Choice Door President, commented, “Homewood Holdings is a perfect fit for our growth strategy, and strengthens our ability to service our customers with door and millwork products better than anyone in our market. On behalf of CCD’s 45+ employees, we look forward to working with Evergreen Lumber, Eagle Creek Siding, Homewood Holdings, and Building Industry Partners.” Homewood Holdings is actively seeking to partner with, and/or acquire, independent pro dealer, component manufacturer, and service provider organizations throughout the Western portion of the United States. Background of Building Industry Partners Building Industry Partners (“BIP”) is the leading growth equity investment firm focused on the U.S. middle-market building products industry. Founded in 2008, BIP has offices in New York, Boston, and Dallas and is managed by Matt Ogden, Zach Coopersmith, and John Hughes. BIP invests its principals’ own capital, as well as that of a small number of like-minded family office and individual limited partners, including a number of leading active and retired building industry executives. BIP maintains a large proprietary network of building industry operators, thought leaders and service providers that support its industry-focused proprietary opportunity sourcing, due diligence, portfolio company management and value creation efforts. BIP invests via an “Operator First” model, serving as an equity capital partner to support proven building products industry leaders in building niche-leading businesses. To this end, BIP provides equity capital to: (1) owner-operators of niche-focused building products manufacturers, distributors and specialty service companies seeking capital for growth, liquidity and/or partial ownership transition and (2) proven building industry operators and entrepreneurs seeking to build a business within their niche of expertise, primarily via acquisition of a platform company and execution of organic and/or “buy & build” growth strategies. The Firm focuses primarily on majority or minority ownership investments involving platform companies with $20 to $250 million in revenues as well as smaller companies with unique growth opportunities or as part of larger “buy & build” acquisition strategies. BIP principals have co-founded and/or served as the equity capital sponsor for a number of the building products industry’s leading middle-market companies and operators, including: U.S. LBM Holdings, now the 3rd largest LBM pro dealer organization in the U.S., in partnership with L.T. Gibson, BlackEagle Partners and team Kodiak Building Partners, in partnership with Paul Hylbert, Steve Swinney and team Rugby Architectural Building Products, in partnership with David Hughes, Drew Dickinson and team United Cabinet Holdings, in partnership with Butch Reimer and team Homewood Holdings, in partnership with Jim Stockman, Scott Blackburn, Keith Elledge, Ron McFarland, Kelly Slade, Ted Matthews, and team U.S. Fence Solutions Company, in partnership with Andrew Reed, Steve Stanley, Jeff Cook, Jim Bockelmann, Scott Crabtree and team BIP continues to seek opportunities to sponsor the building industry’s greatest operating talents in realizing their entrepreneurial visions.