New York’s Baillie Lumber Co. Acquires J.T. Shannon Lumber Division, Sawmill
J.T. Shannon Lumber completed a going concern sale of its Superior Hardwoods division, including its state-of-the-art sawmill located in Montezuma, IN, to Hamburg, NY-based Baillie Lumber. Equity Partners HG and Bengur Bryan, both Maryland-based investment bankers, served as intermediaries for the seller.
J.T. Shannon Lumber is a manufacturer of precision cut hardwood lumber with revenue of approximately $85 million annually. The company operated three related businesses: A sawmill/lumber manufacturing business, lumber concentration yards and an engineered wood flooring manufacturing business. After the sale of the Montezuma sawmill, the company’s remaining operations will be located predominately in Horn Lake, MS, just outside of Memphis. J.T. Shannon has an international sales office in Shanghai, China and sales agents in Europe and Mexico.
Superior Hardwoods is located on a 60-acre site and produces in excess of 27 million board feet of lumber per year. Due to the favorable growing conditions in the immediate area, the sawmill is able to get a very high percentage of FAS grade lumber.
In mid-October 2016, J.T. Shannon retained Equity Partners HG and Bengur Bryan as the exclusive brokers for the company. Having recently added significant kiln capacity in Horn Lake and successfully transitioned its flooring business from solid hardwood to engineered hardwood, J. T. Shannon wanted to explore its options to find working capital to further grow those businesses.
“Baillie is excited to carry on the long, rich history of producing high-quality hardwoods at the Superior sawmill. We look forward to working with the employees at Superior in continuing to serve the customer base that they have built so successfully over the years,” Baillie CEO Jeff Meyer said.
From ABFJournal.com: abfjournal.com.
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