Two Closed Deals Are Better than One
Heritage Capital Group, Inc. (HCG) is pleased to announce its client, Maner Builders Supply Co. (Maner), has closed two separate but simultaneous transactions.
In addition to the sale of its business operations to US LBM Holdings, LLC (US LBM), a portfolio company of Kelso Private Equity, Maner also sold its real estate to STORE Capital (STORE) in a sale-leaseback transaction.
Maner, headquartered in Augusta, GA, is one of the largest independent building supply companies in the state of Georgia. They distribute an expansive line of specialty building products, such as engineered lumber, wallboard, roofing, siding, decking, installed fencing, custom glass, windows, doors, and other materials, to professional home builders, contractors, and commercial builders from their three locations in Georgia and South Carolina.
US LBM, of Buffalo Grove, IL, is a leading distributor of specialty building materials. Offering a comprehensive portfolio of specialty products, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of over 250 locations across the country.
STORE, located in Scottsdale, AZ, provides real estate investment trust services and invests in single-tenant real estate. Following the transaction, US LBM will lease back the same properties as a tenant.
"The Heritage team was very organized, technically knowledgeable, and experienced," remarked Jim Broome, CEO & President of Maner. "They took care of a lot of challenges that had to be addressed, including COVID-19, and made the transaction progress smoothly. When we were dealing with the buyer, the sale price kept changing, but the team was able to adapt to the changes, and we were able to settle on a final price and terms with which we are all very happy."
HCG served as the exclusive financial advisor to Maner on both transactions. The HCG team included Don Wiggins, Bert Tenenbaum, Doug Kravet, Bill Nicholson, Mary Frosio, and Alex Kellison.
The terms of the transactions were not disclosed.
In addition to the sale of its business operations to US LBM Holdings, LLC (US LBM), a portfolio company of Kelso Private Equity, Maner also sold its real estate to STORE Capital (STORE) in a sale-leaseback transaction.
Maner, headquartered in Augusta, GA, is one of the largest independent building supply companies in the state of Georgia. They distribute an expansive line of specialty building products, such as engineered lumber, wallboard, roofing, siding, decking, installed fencing, custom glass, windows, doors, and other materials, to professional home builders, contractors, and commercial builders from their three locations in Georgia and South Carolina.
US LBM, of Buffalo Grove, IL, is a leading distributor of specialty building materials. Offering a comprehensive portfolio of specialty products, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of over 250 locations across the country.
STORE, located in Scottsdale, AZ, provides real estate investment trust services and invests in single-tenant real estate. Following the transaction, US LBM will lease back the same properties as a tenant.
"The Heritage team was very organized, technically knowledgeable, and experienced," remarked Jim Broome, CEO & President of Maner. "They took care of a lot of challenges that had to be addressed, including COVID-19, and made the transaction progress smoothly. When we were dealing with the buyer, the sale price kept changing, but the team was able to adapt to the changes, and we were able to settle on a final price and terms with which we are all very happy."
HCG served as the exclusive financial advisor to Maner on both transactions. The HCG team included Don Wiggins, Bert Tenenbaum, Doug Kravet, Bill Nicholson, Mary Frosio, and Alex Kellison.
The terms of the transactions were not disclosed.
