Louisiana-Pacific Corporation (LP) announced today the sale of its Tacoma sawmill to Pony Lumber Company, LLC.
The Tacoma sawmill produces kiln-dried hemlock studs and other dimensional lumber that is sold to customers throughout the U.S. It was one of the few sawmills remaining to be sold as part of LPs asset divestiture and debt reduction program announced in May 2002. Terms of the transaction were not disclosed.
Pony Lumber Company LLC is a company organized by Walt Wirfs and Veber Partners, a Portland, Ore., based merchant bank.
A portion of the financing for the purchase comes from City of Tacoma programs available through the U.S. Department of Housing and Urban Development.
Pony Lumber has purchased a quality mill with outstanding employees. We wish them the brightest future as they assume ownership of the Tacoma operation, said Chris Paulson, lumber business manager for LP. The sale of this mill places it in the hands of a company focused on the lumber business, while allowing us to focus on growing our strategic businesses.
Wirfs commented, We strongly believe the work force in the Tacoma area is perfect for our needs. We are excited about the prospect of continuing to provide jobs to the local economy, while operating a successful and profitable sawmill.
Veber Partners, LLC is a leading boutique investment and merchant banking firm focused on advising Pacific Northwest-based middle market and emerging growth companies on mergers and acquisitions, private placements, fairness opinions, valuations and other financial advisory services. Veber Partners also acts as a merchant bank in buying profitable companies as a principal.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers.