Specialty Building Products LLC — the Duluth, Georgia-based parent of U.S. Lumber and other businesses — on Tuesday announced that it has agreed to The Jordan Co. LP acquiring a majority ownership position in SBP from funds affiliated with Madison Dearborn Partners LLC.
SBP’s senior management team, including President and CEO Jeff McLendon, will maintain a significant equity stake in SBP and continue to lead the company. Financial terms of the deal weren’t disclosed.
In addition to U.S. Lumber, SBP also owns and operates Alexandria Moulding, Midwest Lumber and Mid-State Lumber.
“At the heart of our business is a commitment to delivering best-in-class specialty building products and service to our customers,” McLendon said. “We have had a terrific partnership with MDP and are excited to have found an equally strong new partner in TJC, who is aligned with our vision and committed to helping us pursue our next chapter of customer-focused growth.”
Mike Denvir, partner of TJC, added, “As it has become a national-scale distributor of building materials in North America, Specialty Building Products has become one of the most reliable and trusted names in the business. We have closely followed the company’s exciting expansion and we are pleased to partner with the SBP team to build on this strong momentum and pursue new opportunities for growth.”
BofA Securities and RBC Capital Markets, LLC are acting as financial advisers and Kirkland & Ellis LLP is serving as legal counsel to Specialty Building Products and MDP. Nomura Securities Co. is acting as financial adviser and Winston & Strawn LLP is serving as legal counsel to The Jordan Co.